56.070 Finance and Administration Cabinet to determine state property to be
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/ky/56-070A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
insured through Commonwealth's property and casualty insurance fund --
Exceptions.
(1)The cabinet shall:
(a)Determine which state property shall be insured against loss by fire and other
hazards; and
(b)Insure with a responsible company or companies authorized to do business in
Kentucky all property financed under a statutory amortization plan, to the
extent of the lien indebtedness upon the property or to the extent of its
reasonable value, whichever is the lesser.
(2)Any officer or agent of the state having control or custody of any property
belonging to or controlled or used by the state or any agency of the state may, with
the approval of the secretary of the cabinet, from the funds allotted to such agency,
purchase insurance of an additional kind or kinds which cannot properly be covered
in the Commonwealth's property and casualty insurance fund.