903 Insurance

903 Insurance

ยง 903 Insurance
The Tribe shall maintain insurance and risk management policies and procedures to protect and safeguard Tribal assets. Insurance policies required and risk management activities shall include but may not be limited to: 

A. A policy of liability insurance that shall insure the Tribal Council and other Directors of the Tribe for errors and omissions in carrying out Tribal business. 

B. A  fidelity  bond  covering  all  employees  having  access  to, or responsibilities over, monies and other assets of the Tribe.

C. Property and casualty policies providing for the replacement of assets lost due to fire, theft or other casualty. 

D. Minimum insurance and endorsements as required by a funding source.

E. Self-insurance programs may be used for low cost losses where such programs will reduce the overall cost of insuring against losses without significantly increasing risks, if approved by the Tribal Council by resolution.

F. Independent risk management assessments shall be conducted at three-year intervals by professionals knowledgeable of such matters. 

[Legislative History: Enacted by Resolution No. 2018-76, 10/19/2018] 

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