CT SB00815

Effective July 1, 2019, allows authorities under sections 10a-179 and 10a-224 to obtain insurance policies as an alternative to traditional surety bonds for coverage of board members, executive directors, officers, and employees.

Insurance policies must provide coverage of at least $100,000 per occurrence and protect the authority if covered individuals fail to faithfully perform their duties.

Authority retains discretion to determine applicable deductibles or self-insured retention amounts under insurance policies.

Authority pays all costs associated with both surety bonds and insurance policies in either option.

Clarifies that existing surety bond requirements for board members ($50,000 penal sum) and executive directors/officers ($100,000 penal sum) can be satisfied through blanket position bonds or insurance coverage instead.