The Board of Regents of the University of Nebraska may establish, maintain, and administer one or more risk-loss trusts for the purpose of paying losses and expenses incurred by the university from (1) general and professional liability, including, but not limited to, judgments, awards, and settlements of claims and suits arising under the Nebraska Hospital-Medical Liability Act, the State Contract Claims Act, the State Miscellaneous Claims Act, and the State Tort Claims Act, (2) damage, destruction, or loss of real or personal property, and (3) errors and omissions liability. Any such risk-loss trust shall contain provisions relating to defense and settlement of claims and suits covered by the trust. No risk-loss trust established pursuant to this section shall be a member of the Nebraska Property and Liability Insurance Guaranty Association.