Section 605.02 - Kinds of property insured(1) PROPERTY OF LOCAL GOVERNMENTAL UNITS. Any local governmental unit may insure in the property fund its property or, subject to sub. (2), property for which it may be liable in the event of damage or destruction. Property insured under this section by a local governmental unit may not also be insured in any other manner unless the manager certifies that additional insurance is necessary, or unless the local governmental unit by resolution, a certified copy of which is filed with the manager, decides to insure specified personal property with insurers authorized to do business in this state.(2) REQUIREMENTS FOR NONOWNED PROPERTY. The property fund may cover a building or structure specified in sub. (1) that is not owned by a local governmental unit only if all of the following conditions are met: (a) The building or structure is listed and described as a nonowned building or structure in the local governmental unit's statement of values.(b) The local governmental unit is contractually liable in the event that the building or structure is damaged or destroyed.(c) The building or structure is in the local governmental unit's care, custody, or control.(d) The building or structure is used for a legitimate governmental purpose.1973 c. 117; 1979 c. 221; 2007 a. 170.