§ 10-2. Purchase of insurance.

(a) Principal coverage.

The Comptroller shall purchase insurance, subject to the approval of the Board of Estimates, to protect adequately the Mayor and City Council of Baltimore against any risk or risks of an insurable nature which may reasonably be expected to result in financial loss in excess of $200,000 in any 1 occurrence or in excess of an aggregate of $2,000,000 in any 1 fiscal year.

(b) Lesser coverage.

The Comptroller may purchase insurance to protect against lesser amounts of potential loss if in his opinion the protection or the services obtained through the purchase of the insurance justify its cost.