NC H922

Local boards of education must maintain property insurance on school buildings at not less than 80% of current insurable value, covering broad form perils including fire, windstorm, hail, explosion, vandalism, and water damage.

Local boards of education must maintain flood insurance at 80% of current insurable value for buildings located in areas identified by FEMA as having a 1% annual chance of flooding.

Community college boards of trustees must maintain property insurance at 80% of current insurable value with expanded coverage (changed from "extended coverage" to include broad form perils) and flood insurance for properties in high-risk flood areas.

All functions and appropriations related to public school property insurance are transferred from the Department of Public Instruction to the Department of Insurance, effective July 1, 2020, with establishment of a State Public Education Property Insurance Fund.

The Commissioner of Insurance may impose civil penalties for willful non-compliance with insurance requirements, with each 24-hour period without required insurance constituting a separate violation.