The Authority shall provide for insurance of its properties, and for workers' compensation, and for public liability or any other risk or hazard arising from its activities, and may provide for the insuring of its officers or employees against any such risk or hazard, and the expense of obtaining such insurance, and of paying the premiums therefor from time to time, shall be borne by the Authority and chargeable as an operating expense of the Authority. In the event it shall prove to be uneconomical to obtain any such insurance coverage from reliable and reputable insurance carriers at reasonable rates, the Board of the Authority may provide for self-insurance and may establish for that purpose such reserves as it deems prudent.
(Ord. passed 10-8-91)