2. A four-year public institution of higher education is authorized to insure, contract or provide for any insurable interest of the institution in the manner authorized by section 3 of P.L.2010, c.99 (C.18A:64-86 et seq.), for the following:
a. Any loss or damage to its property, real or personal, motor vehicles, equipment or apparatus;
b. Loss or damage from liability as established by the "New Jersey Contractual Liability Act," N.J.S.59:13-1 et seq.;
c. Loss or damage from liability as established by the workers' compensation law, R.S.34:15-1 et seq.; and
d. Expenses of defending any claim against the institution, trustee, officer, employee or servant arising out of and in the course of the performance of their duties, whether or not liability exists on the claim, not eligible for defense and indemnification by the State of New Jersey in accordance with the provisions of the "New Jersey Tort Claims Act," N.J.S.59:1-1 et seq.