District Board
Policy 3.7 - Asset Protection
The Chief Executive Officer may not allow assets to be unprotected, unnecessarily risked nor inadequately maintained.
Accordingly, he or she may not:
- Fail to insure against theft and casualty losses to 100 percent replacement value *(subject to applicable deductible) and against liability losses to Board members, staff or the organization itself.
- Allow uninsured employees access to funds.
- Fail to have in place a maintenance plan sufficient for the needs of the college.
- Unnecessarily expose the organization, its Board or staff to claims of liability in excess of coverage limits.
- Fail to protect WCTC’s intellectual property, information and files from loss or significant damage.
- Acquire, encumber or dispose of real property (buildings and land).
* Note: Vehicle coverage is for actual cash value.
Drafted: June 3, 1996
Approved: October 22, 1996
Revised: February 7, 2002
Revised: September 26, 2006
Revised: October 13, 2009