The City Council and any one or more public agencies, as defined in Neb. RS 44-4303, may make and execute an agreement providing for joint and cooperative action, in accordance with Neb. RS 44-4301 through 44-4339, to form, become members of and operate a risk management services and insurance coverages in the form of group self-insurance or standard insurance, including any combination of group self-insurance and standard insurance to protect members against losses arising from any of the following:
(A) General liability;
(B) Damage, destruction or loss of real or personal property, including, but not limited to loss of use or occupancy and loss of income or extra expense resulting from loss of use or occupancy;
(C) Errors and omissions liability; and
(D) Workers' compensation liability.
(`77 Code, § 1-1101)