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Coverage Overview

The descriptions of coverage below are for general illustrative purposes only. Please refer to the policies for their complete terms, conditions and limitations. Please contact the IRF for additional information.

The Insurance Reserve Fund offers several types of liability insurance, including general tort, medical professional, automobile and school bus. Broadly speaking, liability insurance provides an insured with protection against covered claims resulting from injuries and damage to other people and property. Unlike most commercial liability policies, the Fund’s Tort Liability Policy provides a form of coverage referred to by the IRF as “Prepaid Legal” coverage.  Under this coverage, which is part of the Supplementary Payments section of the policy, the IRF will reimburse insureds for defense costs, including legal and expert witness fees, incurred by the insured defending a lawsuit not covered by the IRF’s liability policies. The base level of coverage included with the policy has an annual aggregate limit of $15,000.

The IRF also offers property insurance, including Building and Contents, Inland Marine, Business Interruption and Expense, and Data Processing Equipment and Media. Other available coverage forms and endorsements include Outside Signs, Radio or Television Antennas, Boiler and Machinery Coverage Form, Contractor’s Equipment, Ordinance or Law, Business Income, Watercraft, Fine Arts, Electronic Data Processing Equipment, Museum Floater, and Inland Marine.

The Building and Personal Property Coverage Form also provides coverage not provided by most commercial policies. Because South Carolina has hurricane and earthquake exposure, the IRF’s property insurance policies include coverage for wind, flood, and earthquake. Many commercial policies do not cover earthquake and floods. Coverage is written on a replacement cost basis with an 80% coinsurance clause.

 A replacement cost is the estimated cost to construct, at current prices as of the appraisal date, a substitute for the building, using modern materials and standards. The IRF is not able to provide reproduction cost insurance. Reproduction cost is the estimated cost to construct an exact duplicate or replica of the building, using the same materials, construction standards, design, layout, and quality of workmanship in the original. 

This policy provides no-fault accident insurance coverage for lawful occupants of school district owned vehicles and contract carriers.  No fault coverage provides limited benefits without regard to fault or negligence.  

This is a general description and coverage is subject to all the terms and conditions of the policy.