Insurance and bond requirements

1. Licensees shall secure and maintain insurance and bonds appropriate for the size of the programs, including: a. A blanket fidelity bond equal to not less than ten percent of the total operating costs of the program; b. Property insurance covering all risks at replacement costs and costs of extra expense for loss of use; c. Liability insurance covering bodily injury, property damage, personal injury, teacher liability, professional liability, and umbrella liability as applicable; and d. Automobile or vehicle insurance covering property damage, comprehensive, collision, uninsured motorist, bodily injury, and no fault. 2. The department shall determine the adequacy of the insurance coverages maintained by the applicant.