(b)

1. (1) Each school district shall ensure that coverage shall be provided for all school district buildings, structures, and business personal property at each described location and identified on a statement of values unless otherwise scheduled.
2. (2) Any school district building, structure, or business personal property not insured for at least ninety percent (90%) of replacement cost shall not be eligible, for purposes of facility assistance, for any state facility funding assistance administered by the Commission for Arkansas Public School Academic Facilities and Transportation.

(c) Coverage extensions for school district buildings, structures, and business personal property shall include the following recommended minimums:

1. (1) Extra expense – Two million dollars ($2,000,000) per occurrence;
2. (2) Law and ordinance (code upgrade) – One million dollars ($1,000,000) per occurrence;
3. (3) Property in transit – One hundred thousand dollars ($100,000) per occurrence;
4. (4) Money and securities – Five thousand dollars ($5,000) per occurrence;
5. (5) Newly acquired buildings and structures for ninety (90) days – One million dollars ($1,000,000) per occurrence;
6. (6) Newly acquired business personal property for ninety (90) days – Five hundred thousand dollars ($500,000) per occurrence; and
7. (7) Boiler and machinery – broad form.

(d) Optional coverage shall be considered for:

1. (1) Earth movement;
2. (2) Flood; and
3. (3) Terrorism.

(f)

1. (1) The bid requests from school districts to obtain insurance coverage meeting or exceeding the amounts set forth in this part shall be mailed to potential bidders at least forty-five (45) days prior to the inception date of the policy or policies in compliance with Arkansas state procurement law.
2. (2) See Arkansas Code § 19-11-101 et seq.

(g) The following shall be included with the request for bid:

1. (1) Detailed statement of values:

   1. (A) Building name;
   2. (B) Street address, city, zip code;
   3. (C) Total square footage of each building;
   4. (D) Building insured value;
   5. (E) Business property insured value; and
   6. (F) Effective date of policy;
2. (2) Current deductible;
3. (3) Loss history for the past three (3) years; and
4. (4) Address schedule of all district buildings and structures.

(i)

1. (1) Business personal property (content) values shall be based on the school district’s latest inventory of assets, including those items not reported on Arkansas Public School Computer Network as well as furnishings that fall below the threshold for listing, as well as expendable items such as instructional materials and food products.
2. (2) This does not include any vehicles licensed for public road use.