Iowa Statutes § 64.3 Insurance policy in lieu of bond

1. In lieu of a bond, a public officer required to obtain a bond pursuant to this chapter may obtain an insurance policy in an amount not less than the amounts provided in section 64.8 , 64.10 , 64.13 , or 64.15 , as applicable.

2. An insurance policy obtained pursuant to this section must substantially comply with the conditions of section 64.2 .

3. The reasonable expenses of an insurance policy obtained pursuant to this section in lieu of a bond, for which the reasonable expenses of such bond would be paid for by the county or township pursuant to section 64.11 , 64.12 , or 64.15 , shall be paid by the county or township, as applicable.

4. The state of Iowa shall be the beneficiary of an insurance policy obtained pursuant to this section and the policy shall be for the use and benefit of any corporation, public or private, or person injured or sustaining loss, with a right of action in the name of the state for its or the corporation's or person's use.

5. An insurance policy obtained pursuant to this section shall be approved, filed, and recorded as provided in sections 64.19 through 64.24 .