Ohio Code 9.822 – Insurance and bonds
(A) The department of administrative services through the office of risk management shall establish an insurance plan or plans that may provide for self-insurance, the purchase of insurance, or the purchase of surety bonds, public official bonds, or fidelity bonds, for any of the following purposes:
Terms Used In Ohio Code 9.822
- Bond: includes an undertaking. See Ohio Code 1.02
- 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
- Personal property: All property that is not real property.
- state: means the state of Ohio. See Ohio Code 1.59
(1) Insuring state real and personal property against losses occasioned by fire, windstorm, or other accidents and perils;
(2) Insuring the state and its officers, employees, and agents against liability resulting from any civil action, demand, or claim against the state or its officers, employees, and agents arising out of any act or omission of an officer, employee, or agent in the performance of official duties, except acts and omissions for which indemnification is prohibited under section 9.87 of the Revised Code;
(3) Insuring and maintaining a judicial liability program.
(B) The department of administrative services through the office of risk management shall establish and administer a crime insurance program for the purpose of protecting the state against loss, including loss to third parties, due to the dishonest acts of state officers, employees, and agents. In addition, public official bonds shall be purchased for all officials and employees who are required by law to provide a bond. Such bonds may be in the form of a blanket bond, or scheduled position bond, provided the penal sums meet the statutory requirement.
(C) The department of administrative services through the office of risk management shall purchase surety bonds, fidelity bonds, and public official bonds by licensed sureties for their respective purposes. Nothing in this section shall be construed to allow the department of administrative services through the office of risk management to do either of the following:
(1) Directly issue or underwrite surety bonds, fidelity bonds, performance bonds, or public official bonds;
(2) Provide performance bonds to any party.
Last updated October 12, 2021 at 3:56 PM