(1) A private educational institution shall keep in force a general liability insurance policy or other form of indemnification in the minimum amount prescribed by order made by the Minister for each occurrence for any loss or damage resulting from bodily injury to, or the death of one or more persons, and for loss or damage to property, regardless of the number of claims arising from any one occurrence.
(2) The policy or other indemnification under subsection (1) shall provide coverage to a private educational institution for all claims arising because of liability imposed by law on a private educational institution and for a liability assumed under any agreement entered into by the private educational institution.
(3) A private educational institution shall ensure that in its general liability policy or other form of indemnification the word “insured” is defined to include the named insured and any employee, board member, agent, or any other person whether receiving compensation or not, when acting within the scope of his or her duties for the named insured.