There is nothing in that policy quote David el Gnomo gave that excludes coming down heavily on other types of bullying. It is specifically addressing racism, but that does not imply that a similar approach might not be taken, for example where a child was being bullied because of religion or disability or for some other reason.

Clearly an overall policy of zero tolerance towards all types of bullying should always exist.
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As for the suggestion above that "there's a strange irony in 'zero tolerance' policies in a tolerant society wishing to promote tolerance," that is surely fallacious.

When we talk about "a tolerant society" we are using shorthand, in the same way as when we talk about "not discriminating". There is always an underlying assumption that soem word such as "unfair" has to be understood. Otherwise we would be committing ourselves to tolerating abuse of vulnerable people, or accepting people who carry out such abuse.