§ 2.34.110. Procurement of insurance and services.

The procurement of all insurance and insurance related services and/or contracts for the Kenai Peninsula Borough and School District will be coordinated through the claims manager and the risk management committee. Insurance with limits equal to the maximum foreseeable losses and/or claims shall be purchased;

A.

When the potential loss and/or claim exposure exceeds the justifiable retention level as set forth in 2.34.040.

B.

When such insurance is available on a fiscally sound basis.

C.

Insurance will be purchased only through reliable sources that will best serve the interests of the Kenai Peninsula Borough and School District. The objective will be to obtain all required insurance and/or services at the lowest cost to the Kenai Peninsula Borough and School District which is consistent with the desired levels of coverage and/or services, with insurance companies of proven financial status as set forth in Best's Key Rating Guide.

D.

The method utilized to procure insurance and/or insurance related services shall be in accordance with the Kenai Peninsula Borough Purchasing Code. The claims manager and risk management committee shall be responsible for the purchase and maintaining of insurance and insurance related services as best meets the needs, and cost within funding of the Kenai Peninsula Borough and School District, through methods including but not limited to, open competitive bidding, request for proposals, negotiation with brokers and/or companies, or designation of a broker-of-record to purchase necessary coverage and/or services.

E.

The maximum term of insurance policies and/or insurance related services, subject to the normal rights of cancellation, shall be:

1.

Three years for property and casualty insurance.

2.

Continuous for fidelity bonds.

3.

Continuous for employee benefit plans.

(Ord. No. 2018-30 , § 5, 9-4-18; Ord. No. 2015-08 , § 1, 4-21-15; Ord. No. 89-9, § 1, 1989)