03-08-1993 Council Packet - Laserfiche WebLink

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/ TO: Ron Moorse, City Adminis'.rator FROM: Tom Kuehn, Finance Director * 4 DATE: March 5, 1993 SUBJECT: Insurance Renewals for 1993 Attachment: Insurance Policy Premium Tabulation ISSUE Adoption of award recommendations for renevcal of insui.'tnce coverages effective January 1, 1993. Attached is a comparative tabulation of the 1992 actual and 1993 insurance premiums, and the 1993 budget amounts. At this time we are recommending award and payment of the policies for all except the multi peril package, which is under review; the liquor liability, which renews April 1; and the worker compensation, which was approved and awarded at the December 14, 1992 Council meeting. The boiler policy includes the old and new city sites. Upon completion of demolition of the old administration building we will apply any credit due. The petro fund reimbursement policy includes the fuel tanks at the old site. We anticipite a reduced cost next year after the removal of the old tanks. The multi peril package is under review because of the increases, especially in the general liability. We ha-'-e been informed that there are errors in certain ratings and shoula have the corrected figures for the next Council meeting. At that time we will have information relati.ng to the impact of tne new facilities on the insurance premiums. RECOMMENDATION ^ ^ Tt is recommended that the 1993 insurance coverage be awarded as presented in the attachment, except for the policies under review, previously awarded, or renewing at a later date. PROPOSED MOTION: Moved by _, seconded by to award the insurances effective January 1, 1993 as follows: to the League of Minnesota Cities Insurance Trust for excess liability $31,079, and for the petrofund reimbursement $2,610; to Western National Insurance Group for boiler and machinery $429; to the St. Paul Fire and Marine Insurance Co. for small computers $500; and to the United Fire and Casualty for surety bonds $1,198. Ayes _, Nays J