Section 12305 Of Article 1. General From California Government Code >> Division 3. >> Title 2. >> Part 2. >> Chapter 4. >> Article 1.

. The Treasurer may contract for and secure insurance against the loss of any securities and money in his custody from any insurable risk whatsoever. The amount of insurance obtained shall not exceed the daily average amount of cash and securities respectively, in the custody of the Treasurer in the preceding year.