1. At least once every six years, each school district shall work with its commercial property insurance carrier for the purpose of ensuring that: a. All school district buildings and facilities are properly identified and accurately valued; and b. The contents of all school district buildings and facilities are properly inventoried and accurately valued. 2. a. If a school district can demonstrate to the satisfaction of the superintendent of public instruction that the district completed the requirements of subsection 1 during the period beginning July 1, 2006, and ending June 30, 2011, the district's six-year requirement for identification and valuation begins on the date that the requirements were met. b. If a school district cannot demonstrate to the satisfaction of the superintendent of public instruction that the district completed the requirements of subsection 1 during the period beginning July 1, 2006, and ending June 30, 2011, the district shall complete the requirements during the 2011-12 school year. 3. Annually, each school district shall review the terms of any insurance policies providing coverage for its buildings, its facilities, and their contents and ensure that the policies are sufficient to provide in full for the repair or replacement of the buildings, its facilities, and their contents, in the event of a loss. 4. Annually, the superintendent of public instruction shall verify that each school district is in compliance with the requirements of this section.
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