02-13-1996 Council Packet - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION DATE: Februarj ’ 9; :n •« ITEM NO: %Vo Department Approval: ^ Name Tom Kuehn Title Finance Director Administrator Reviewed: Agenda Section: Cit}' Administrator’s Report Item Description: 1995 Insurance Policy Premium Tabulation and Award Recommendation Attachment: Insurance Policy Premium Tabulation Attached is a comparative tabulation of tlie 1994 actual and 1995 insurance premiums, and the 1995 budget amounts. At this time we are recommending award and payment of the policies for all except the golf course liquor liability, which renews April 1; the worker compensation, which was approved and awarded at the December 12, 1994 Council meeting; and the garage keepers liability which renews January 1, but was omitted from our policy package by the LMCIT and will be forwarded shortly. The City will continue to carry an umbrella excess liability policy of $2 million in 1995, and as in 1994 will not waive the statutory limits established by Minnesota Statutes 466.04. The estimated cost for all policies and the agent of record for 1995 is $142,108 compared to $144,165 for 1994, and $163,433 for 1993. It is recommended that the 1995 insurance coverage be awarded as presented in the attachment, except for the policies previously awarded, or renewing at a later date. COUNCIL ACTION REQUESTED: Award of the 1995 insurance package effective January 1, 1995 as presented. PROPOSED MOTION: - Moved by,____, seconded by,_____, to award the insurance effective January 1, 1995 as follow s: to the League of Minnesota Cities Insurance Trust for the comprehensive municipal property and casualty package $65,505, for umbrella excess liability $21,549, for petrofund reimbursement $821, and for open meeting law $789; to Western National Insurance Group for boiler and machinery $331; to the St. Paul Fire and Marine Insurance Co for small computers $500; and to the United Fire and Casualtv for suretv bonds. $1,700. Ayes___, Nays___.