3.8 Insurance Program Policy

The Thunder Bay Public Library Board shall adopt the following policy statement with relation to the purchase of insurance:

1. The insurance program shall be administered by the Chief Librarian/CEO, who shall report annually to the Board on the status of the insurance program.
2. Insurance shall be purchased when available:
   a. To cover major risks of loss to property of the Library in amounts adequate to replace property destroyed or damaged.
   b. To protect the Library, its officers, volunteers, and employees against claims and suits for personal injury and property damage in amounts and limits generally considered being reasonably adequate for similar institutions in this area.
   c. To protect the officers, members and employees, against claims for civil and constitutional rights violations and other statutory liabilities, and to protect members and officers for liabilities while acting in their capacities as
3. Insurance shall be placed on a competitive basis subject to bidding at five year intervals unless circumstances justify more frequent or less frequent On the occasion of such bidding, the Chief Librarian/CEO is authorized to engage the services of a consultant for the purpose of analyzing risks and assisting in the preparation of specifications.
4. Coverage shall be placed with insurance companies which can provide appropriate loss prevention and claims handling facilities.
5. The Chief Librarian/CEO is authorized to accept deductibles and to self insure minor risks where loss experience of the Library and good business judgment indicates that the aggregate loss within the deductible and self insurance program is not likely to exceed one per cent (1%) of the deductible.
6. A certificate of insurance will be obtained before service is rendered from Contractors, Program Providers and others as may be determined when necessary to mitigate the Library’s risk. This document will serve as evidence that the Library has been named as an additional insured for liability
7. Rental vehicles for Library business shall be covered under the Library’s automobile policy. The policy includes comprehensive and collision.