1. The Board of Regents may budget for and purchase fidelity insurance and insurance against:
(a) Any liability arising under NRS 41.031.
(b) Tort liability on the part of any of its employees resulting from an act or omission in the scope of his or her employment.
(c) The expense of defending a claim against itself whether or not liability exists on such claim.
2. Such insurance shall be limited in amount according to the limitation of liability imposed by NRS 41.035 and shall be purchased from companies authorized to do business in the State of Nevada.
3. Each contract of insurance shall be free of any condition of contingent liability and shall contain a clause which provides that no assessment may be levied against the insured over and above the premium fixed by such contract.
(Added to NRS by 1959, 404; A 1967, 107)