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REQUEST FOR COUNCIL ACTION <br />-CjfvXIl MEETING <br />JAN 8 <br />DATE: Januan' 4,1996 <br />ITEM NO: / ^ <br />Department Approval: Administrator Reviewed: Agenda Section: <br />Name Tom Kuehn City Administrator's <br />Title Finance Director Report <br />Item Description: <br />1996 Application for Coverage Under the LMCIT Self-Insurance Worker's <br />Compensation Plan <br />Attachment: 1.) <br />2.) <br />Application for Coverage Form <br />Estimated 1996 Premium Quotation <br />We have received the renewal premium quotation for worker compensation insurance <br />from the League of Minnesota Cities Insurance Trust (LMCIT) for the year 1996. The <br />gross premium for 1996 is $45,574, which is reduced by cur experience modification of <br />.73 and a premium discount of 8%, resulting in a net initial premium of $30,583. This is <br />a decrease of $10,861 or 26.2% less than the 1995 initial premium. The decrease is due <br />primarily to a reduction in the base rate for each clasification of 32.5% from 1995. The <br />net initial premiums for the prior three years were; $41,444 for 1995, $37,354 for 1994 <br />and $46,178 for 1993 <br />COUNCIL ACTION REQUESTED: <br />Approval of application for coverage and award of worker compensation insurance to the <br />LMCIT for 1996. <br />, seconded by., to approve the 1996PROPOSED MOTION: - Moved by,__ <br />Application for Coverage under the LMCIT Self-Insured Worker's Compensation Plan <br />and award the 1996 worker compensation insurance to the LMCIT for the initial net <br />premium of $30,583, effective Januar>- 1, 1996. Ayes___, Nays___.