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REQUEST FOR COUNCIL ACTION <br />DATE: Feb <br />ITEM NO: <br />% <br />fv*''' <br />V <br />Department Approval: <br />Name Tom Kuehn <br />Title Finance Director <br />Administrator Reviewed:Agenda Section: <br />City Administrator ’s <br />Report <br />Item Description: <br />1994 Insurance Policy Premium Tabulation and Award Recommendation <br />Exhibits:Insurance Policy Premium Tabulation <br />ISSUE <br />Adoption of award recommendations for renewal of insurance coverages effective January 1, <br />1994. <br />DISCUSSION <br />Attached is a comparative tabulation of the 1993 actual and 1994 insurance premiums, and the <br />1994 budget amounts. At this time we are recommending award and payment of the policies <br />for all except the liquor liability, which renews April 1; and the worker compensation, which <br />was approved and awarded at the December 13, 1993 Council meeting. <br />The multi peril package premium reflects the addition of the garage keepers legal liability <br />coverage at $198. The garage keepers legal liability provides coverage for non-owned property <br />in the City’s care, custody, or control. This refers to such things as autos impounded and <br />evidence h *ii. <br />The public employees blanket bond coverage has been increased from $50,000 to $100,000 at <br />a premium increase of $307, from $1,091 in 1993 to $1,398 in 1994. <br />As discussed previously, the City will continue to carry an umbrella excess liability policy of <br />$2 million in 1994 but will not longer waive the statutory limits established by Minnesota <br />Statutes 466.04. This action results in a decrease in premium cost from $31,079 in 1993 to <br />$20,574 in 1994, a savings of $10,505. <br />The estimated cost for all policies and the agent of record for 1994 is $144,165 compared to <br />$163,433 in 1993. <br />The League of Cities Insurance Trust (LMCIT) through which the City purchases the bulk of <br />its insurance coverages recently began to offer insurance coverage for the deferise of <br />Councilmembers against open meeting law violation claims. A memorandum from the LMCIT <br />explaining this coverage is attached. The cost of the coverage is $830. If the Council is <br />interested in this coverage or would like additional information or explanation, staff will follow <br />through as directed.