§ 115C-534. Duty to insure property. - North Carolina Statutes

§ 115C‑534.  Dutyto insure property.

(a)        The board of every local school administrative unit in thepublic school system of this State, in order to safeguard the investment madein public schools, shall:

(1)        Insure and keep insured to the extent of not less thanseventy‑five percent (75%) of the current insurable value as determinedby the insurer and the insured of each of its insurable buildings against fire,lightning and the perils embraced in extended coverage.

(2)        Insure and keep insured adequately the equipment andcontents of said building.

(b)        The tax‑levying authority for each local schooladministrative unit shall appropriate funds necessary for compliance with theprovisions of subsection (a).

(c)        Willful failure to comply with the provisions of (a) and (b)above, is declared a Class 3 misdemeanor.  Every 24 hours without suchinsurance constitutes a separate offense. (1957, c. 1040; 1981, c. 423, s. 1; 1993, c. 539, s. 893; 1994, Ex.Sess., c. 24, s. 14(c).)