In determining the need for, form and amount of insurance coverages, the State Risk Manager shall consider:
1. Omission of insurance coverage on property and risks for which insurance and claim adjustment costs would be disproportionately high in relation to the amount of risk.
2. Economies possible through the use of reasonable deductibles.
3. Use of comprehensive coverages and blanket coverages insuring property of two or more state agencies.
4. Reliability and financial condition of insurers, and the services which they provide.
5. Means whereby risks may be improved through reduction in insurance losses and costs.