South Carolina · statute · S.C. Code tit. 10, ch. 7 · 22 active provisions
All insurance on public buildings and on the contents thereof of the State and of all institutions supported in whole or in part by the State shall be carried by the State Fiscal Accountability Authority. Any building or buildings, and the contents thereof, owned by the Department of Transportation may be insured by th…
The State Fiscal Accountability Authority is authorized to insure public buildings owned by incorporated municipalities of the State upon request of the governing body of the municipality. Such insurance shall be provided under the same conditions and procedures and subject to the same restrictions as are provided unde…
All insurance on public buildings and the contents thereof of the several counties shall be carried by the State Fiscal Accountability Authority.
All insurance of public school buildings and on the contents thereof, whether such buildings are held and operated under the general school laws or laws applicable to special school districts only, shall be carried by the State Fiscal Accountability Authority.
If any school building be abandoned for use for school purposes, the board may cancel or reduce all insurance carried by it on such abandoned school building and its contents, and the board shall not be required to renew existing insurance or write any insurance on any such building and its contents, the use of which f…
The State Fiscal Accountability Authority may cancel any policy of insurance on any public building when in its judgment such building is no longer an insurable risk because of dilapidation and depreciation; provided, that at least ten days before any such cancellation the board shall give notice to the proper authorit…
The proper officer, official or trustee having by law the care and custody of state and county buildings and of public school buildings shall insure such buildings under the provisions set forth in this chapter.
The State Superintendent of Education and the county superintendents of education of the several counties of the State shall furnish to the State Fiscal Accountability Authority on request a complete list showing the location of each and every school building in their several counties, the numbers of the school distric…
All insurance carried by the State Fiscal Accountability Authority as provided for in this chapter shall be carried at a premium rate to be determined by the authority not in excess of the rate which, in the opinion of the authority, would be charged by reliable old line insurance companies for carrying this insurance.
The premium on all policies of insurance issued by the State Fiscal Accountability Authority shall be paid by the officer, official, or trustee having the property insured under his care and custody upon demand of the authority. If an agency or political subdivision fails to pay any required premium within sixty days f…
The State Fiscal Accountability Authority may reinsure, upon terms which it may deem most advantageous, in a reliable insurance company or companies, such portion of their insurance liability as is commensurate with the principle of safe underwriting. The authority shall from time to time prescribe such rules and regul…
All funds paid over to the State Fiscal Accountability Authority as premiums on policies of insurance and all money received from interest on loans and deposits and from any other source connected with the insurance of public property, provided for herein, shall be held by the authority as insurance reserve funds for t…
When the insurance reserve fund provided for in SECTION 10-7-130 reaches the sum of five per cent of the total insurance in force, then annually thereafter the State Fiscal Accountability Authority shall proportionately decrease the premium of insurance to an amount which will be sufficient to maintain the insurance fu…
The State Fiscal Accountability Authority shall notify the officers, officials or trustees having the care and custody of the buildings insured under the provisions of this chapter, in writing, in advance of the expiration of policies of insurance on such buildings, and the officers, officials or trustees so served wit…
The value of all public buildings shall be based on the actual cost of such buildings. If the State Fiscal Accountability Authority and the officers, officials or trustees having such buildings in their care and custody cannot agree on a value the value shall be fixed by three appraisers to be appointed and paid as pro…
The amount of insurance to be carried on all buildings and on the contents thereof as provided in this chapter shall be fixed by the State Fiscal Accountability Authority after consultation with the officers, officials or trustees having such buildings in their care and custody. But the amount of insurance to be carrie…
In the event of loss or damage, when an agreement as to the extent of such loss or damage cannot be arrived at between the board and the officials having charge of the property, the amount of such loss or damage to be paid by the board shall be determined by three appraisers, one to be named by the board, one by the of…
The amount paid by the board, as fixed by the appraisers, shall, in the event the building so damaged or destroyed is a county building or a public school building, be paid over to the county treasurer of the county in which the building is located, to be by him paid out as required by law, upon the proper warrant or o…
The State Fiscal Accountability Authority may make contracts with responsible manufacturers or installers of nationally recognized hazard reducing systems for the installation of approved nationally recognized hazard reducing systems in state institutions. If such contracts are made, the authority may make loans to the…
In the event of a total or partial loss of any building on which the State Fiscal Accountability Authority carries a loan for the installation of a nationally recognized hazard reduction system, there shall be deducted from the amount of insurance payable, and credited on such loan, a proportion of the loan equal to th…
The State Fiscal Accountability Authority may employ an inspector, or inspectors, whose duty shall be to protect the property of the State from damage or defacement in connection with the installation of nationally recognized hazard reduction systems and may charge the cost thereof to the institution or institutions in…
Any officer, official or trustee, upon whom the duties provided in this chapter devolve, who fails or refuses to carry out such provisions, shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined in a sum not less than twenty-five dollars, nor more than one hundred dollars, or imprisoned not less…