Subject to the qualifications specified below, any administrator employed by the District who does not have sufficient service credit to be eligible for disability retirement coverage under the State Teachers’ Retirement System, the School Employees’ Retirement System or the Public Employees Retirement System shall be provided disability insurance coverage by the Board of Education as described herein until such time as the administrator has such credit. To provide such coverage, the Board shall pay 100% of the cost of a policy that shall have a waiting period of no less than sixty (60) days, shall otherwise contain standard terms and conditions for such coverage, and shall protect against loss of salary because of disability to a maximum amount per month up to seventy percent (70%) of the administrator’s annual salary, including any raises awarded as of the time of the disability, divided by twelve (12) and rounded to the nearest hundred dollars. Notwithstanding the foregoing, the Board of Education shall not be obligated hereby to provide such disability coverage if the policy cost for same shall exceed six percent (6%) of the administrator’s annual salary, including any raises, provided that, in the event that such limit would be exceeded, the Board shall exercise a good faith effort to obtain a policy within such limit having either (a) a waiting period of longer than thirty (30) days or (b) protection against loss of salary at a percentage less than seventy percent (70%), and in making such effort it shall give consideration to, but shall not necessarily be bound by, the administrator’s preference as to (a) or (b).