KRS 56.070: Finance and Administration Cabinet to determine state property to be

insured through Commonwealth's property and casualty insurance fund --

Exceptions.

(1) The cabinet shall:

(a) Determine which state property shall be insured against loss by fi re and other

hazards; and

(b) Insure with a responsible company or companies authorized to do business in

Kentucky all property financed under a statutory amortization plan, to the

extent of the lien indebtedness upon the property or to the extent of its

reasonable value, whichever is the lesser.

(2) Any officer or agent of the state having control or custody of any property

belonging to or controlled or used by the state or any agency of the state may, with

the approval of the secretary of the cabinet, fro m the funds allotted to such agency,

purchase insurance of an additional kind or kinds which cannot properly be covered

in the Commonwealth's property and casualty insurance fund.