The board may, in its discretion, insure any or all products produced at any institution under the jurisdiction of the board of correction, whether the products are finished or unfinished, the materials from which such products are made or to be made, and the equipment necessary for the production thereof, against any and all risks of loss, wherever such products, materials or equipment are located, while in the possession of the institution and while in transit thereto or therefrom, or in storage, in such amounts as the board deems proper. The cost of such insurance shall be paid from the correctional industries betterment account.