HB362 Alabama 2014 Session

This bill would require the risk manager, with the approval of the Finance Director, to develop a program of coverage under the State Insurance Fund to provide, within reasonable limitations and using gap coverage and gap plus coverage, proceeds sufficient to allow a K-12 public school building that has been rendered a total loss as a result of covered peril to be reconstructed with materials superior to its original construction and in an increased size if appropriate based upon current construction standards and occupancy

This bill would define gap coverage and gap plus coverage

This bill would also require the risk manager to draft rules, guidelines, limitations, and coverage endorsements under which the program will operate, and to assess an acturarially sound premium

To amend Section 41-15-4, Code of Alabama 1975, relating to the State Insurance Fund, to require the risk manager, with the approval of the Finance Director, to develop a program of gap coverage and gap plus coverage to provide, within reasonable limitations, proceeds sufficient to allow a K-12 public school building that has been rendered a total loss as a result of a covered peril to be reconstructed with materials superior to its original construction and in an increased size if appropriate based upon current construction standards and occupancy; to define gap coverage and gap plus coverage; to require the risk manager to draft rules, guidelines, limitations, and coverage endorsements for the program; and to require the risk manager to assess an actuarially sound premium.