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Purpose of this policy
To ensure all government schools have sufficient buildings insurance.
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:
- 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.
For relevant guidelines and forms, including Certificates of Currency and Insurance Arrangements Guidelines for Schools, see: Insurance - VMIA Insurance documents - schools and corporate