2.20.040 Risk retention.
A. With regard to risk of accidental loss, it shall be the Borough’s policy to self-insure all losses:
1. Which occur with predictable frequency; and
2. Which will not have a significant adverse impact on the Borough’s financial position.
B. As a general guideline, the Borough will self-insure progressively upward when the Risk Manager determines it to be prudent and fiscally sound. The Risk Manager shall notify the Assembly of increases in self-insurance within 30 days. The Borough will not self-insure when:
1. Certain necessary services can be obtained only by the purchase of insurance;
2. The Borough is obligated by law or contract to purchase insurance. (Ord. 2012-38 § 2, 2012; amended during 1993 republication; Ord. 78-32 § 2, 1978. 2004 Code § 2.05.040.)