New Jersey Statutes 18A:64-87. State college authorized to insure, contract, provide for certain insurable interests
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Terms Used In New Jersey Statutes 18A:64-87
- Contract: A legal written agreement that becomes binding when signed.
- Employee: includes the holder of any position or employment. See New Jersey Statutes 18A:1-1
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
2. A State college is authorized to insure, contract or provide for any insurable interest of the State college in the manner authorized by section 3 of this act, for the following:
a. Any loss or damage to its property, real or personal, motor vehicles, equipment or apparatus;
b. Loss or damage from liability as established by the “New Jersey Contractual Liability Act,” N.J.S. 59:13-1 et seq.;
c. Loss or damage from liability as established by the workers’ compensation law, R.S.34:15-1 et seq.; and
d. Expenses of defending any claim against the State college, trustee, officer, employee or servant arising out of and in the course of the performance of their duties, whether or not liability exists on the claim, not eligible for defense and indemnification by the State of New Jersey in accordance with the provisions of the “New Jersey Tort Claims Act,” N.J.S. 59:1-1 et seq.
L.2010, c.99, s.2.