(a) (1) The Treasurer shall provide self-insurance for:
(i) loss of or damage to State motor vehicles;
(ii) loss of or damage to hulls of State vessels;
(iii) loss of or damage to State real property, to the extent that purchased insurance does not cover the loss or damage; and
(iv) loss as a result of a settlement or judgment to the extent that the Board of Public Works pays the loss under Title 12, Subtitle 5 of the State Government Article.
(2) The Treasurer may provide self-insurance for loss of or damage to State personal property, including fine arts. However, for any fine art item that the Treasurer determines is irreplaceable, the indemnity shall be only for repair of damage.
(3) To the extent that funds are available in the State budget, the Treasurer may provide self-insurance for any other loss risk that the Treasurer finds appropriate.
(b) To the extent that funds are available in the State budget, the Treasurer:
(1) shall provide purchased insurance as required by law; and
(2) may provide any other purchased insurance that the Treasurer considers appropriate to the interests of the State.
(c) To the extent that funds are available in the State budget, the Treasurer shall provide sufficient self-insurance, purchased insurance, or both to cover the liability of the State and its units and personnel under the Maryland Tort Claims Act.
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