HB331 Alabama 2015 Session

Under existing law, a program of gap coverage and gap plus coverage offered through the State Insurance Fund allows 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

This bill would provide, within reasonable limitations and using gap coverage and gap plus coverage, proceeds sufficient to allow public school buildings under the jurisdiction of the Department of Postsecondary Education to have the same coverage as K-12 public school buildings

To amend Section 41-15-4, as amended by Act 2014-261, 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 public school building under the jurisdiction of the Department of Postsecondary Education 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.