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PURPOSE The purpose of this policy is to provide a guide on property and liability insurance coverage for Otsego County Component Units. POLICY All Otsego County Component Units are required to carry the following insurance coverage. Property Insurance. The Component Unit, at its cost, shall maintain property insurance which shall cover all real and personal property on the premises on a l00% replacement cost basis. Such policy shall be on an all risk policy form and shall insure against the perils of fire and extended coverage and physical loss or damage including, without limitation, flood, theft, vandalism, and malicious mischief. Liability Insurance. The Component Unit shall maintain, at its cost, commercial general liability insurance. Such policy shall name the County as additional insured. Employee/Board Liability Insurance. The Component Unit shall maintain, at its cost, liability insurance coverage for employees of the Component Unit, its Board of Directors, and its operations. Such policy shall name the County as additional insured. Motor Vehicle Insurance. The Component Unit shall maintain, at its cost, motor vehicle insurance for all vehicles owned by the Component Unit. Such policy shall name the County as additional insured. Workers Disability Insurance. The Component Unit shall maintain, at its cost, worker’s disability insurance. It is typically preferred that the Component Unit obtain their insurance through the County’s insurance vendor, but exceptions may be approved by the Otsego County Board of Commissioners providing that the insurance is of an equal coverage to that maintained by the County of Otsego and that the insurance vendor has a financial strength rating of A or better by a reputable insurance rating company such as A.M. Best. County Credit Card Component Unit Property & Liability Insurance Coverage Policy