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Originally Adopted by MVRMA Board: 12/12/94
Purpose
This policy has been established to specify the circumstances under which MVRMA shall include Community Improvement Corporations (CIC's) in its insurance/reinsurance program.
Policy Statement
It is the policy of MVRMA to provide insurance/reinsurance
protection to its member municipalities' CIC's, subject to the following
terms and conditions:
1. The member municipality has designated the CIC to perform governmental functions in the municipality's behalf under ORC 1724.10, and agreements made pursuant to that section.
2. The extent of insurance protection provided by MVRMA to its members' CIC's shall be limited to the forms of coverage provided to MVRMA members, generally, and shall follow form with MVRMA's insurance/reinsurance policies.
3. In the case of a person(s) serving as a member(s) of the governing board of such a CIC, coverage shall be provided so long as the person(s) was acting in good faith to carry out such functions and not acting manifestly outside of his/her official duties.
4. Excluded from coverage, either wholly or in part, are CIC's which perform the following functions:
5. Each municipality which desires to have a CIC covered shall be required to disclose the existence or anticipated existence of the CIC, its purpose, and all related information necessary to evaluate the hazards associated with the CIC.
6. Under no circumstances shall MVRMA be responsible for exemplary or punitive damages against a CIC, its employees, agents, or officials. Coverage is limited to the scope of MVRMA's policies and federal, state, and local statute.
7. Additional premiums shall be charged to the MVRMA member which disclosed the need for CIC coverage. Such premiums shall be based upon the exposures added to MVRMA and shall increase in the same fashion as specified in MVRMA's Pool Contribution Factor calculation.
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