Buildings Insurance

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Purpose of this policy

To ensure all government schools have sufficient buildings insurance.

Policy

The Department buildings insurance consists of:

  • catastrophe property insurance for losses over $3 million up to $3.625 billion for any one event
  • insurance through the Re-instatement Program for losses below $3 million due to all major perils including fire, flood and storm damage and provides for:
    • reinstatement and/or replacement
    • initial clean up costs
    • any temporary building replacement
    • replacement or reinstatement of furniture and fittings and other standard facilities.

Note:   Rebuilding or replacement of school buildings occurs following consideration of:

  • entitlements
  • enrolments
  • future viability and availability of funds.

Works of art

If the school council considers their value warrants such action schools should:

  • employ a recognised valuer to value works of art
  • insure valuable works of art through the School Council Insurance Program underwritten by the VMIA
  • store the written valuation in a safe place
  • have these items revalued periodically.

Related policies

Department resources

For relevant guidelines and forms, including Certificates of Currency and Insurance Arrangements Guidelines for Schools, see: Insurance - VMIA Insurance documents - schools and corporate