Laserfiche WebLink
TO: <br />FROM: <br />DATE: <br />SUBJECT: <br />Ron Moorse, City Administrator <br />Tom Kuehn, Finance Director <br />March 18, 1993 <br />Insurance Renewals for 1993 <br />C/fy <br />% <br />% <br />% <br />Attachments:Insurance Policy Premium Tabulation <br />Insurance Renewals Memo Dated 3/5/93 <br />ISSUE <br />Adoption of award recommendations for renewal of insurance <br />coverages effective January 1, 1993. <br />DISCUSSION <br />The comparative insurance premium tabulation reflects the results <br />of the review by the LMCIT of the multi peril packages. The <br />premium for 1993 has been reduced from the original quote of <br />$83,389 to "72,810, a decrease of $10,579. The 1993 premium of <br />$72,810 is $7,508 greater than the 1992 premium of $65,302, or an <br />increase of 11.5%. <br />The major increase is in the general liability which is increased <br />from $35,649 to $45,103. The LMCIT is now rating the cities <br />individually and our experience includes some sewer back ups caused <br />by lift station failures. (The problem lift station has been <br />corrected.) <br />The property insurance for 1993 reflects a decrease from $10,744 to <br />$8,409 and is due to a reduction in rates of 60%, which is offset <br />by the value of the new facilities. The property insurance for the <br />new facilities is $4,165. <br />RECOMMENDATION <br />It is recommended that Council award the 1993 multi peril package <br />to the League of Minnesota Cities Insurance Trust in the amount of <br />$72,810, which reflects the reduction from the original quote of <br />$83,389. Inasmuch as Council did not take formal action on the <br />insurance policies presented last meeting I am including the motion <br />of award for those policies as well. At this time the only <br />remaining policy not renewed is for the golf course liquor <br />liability, which renews April 1. <br />PROPOSED MOTION: Moved by_, seconded by _, to award the <br />insurances effective January 1, 1993 as follows: to the League of <br />Minnesota Cit’es Insurance Trust for excess liability $31,079, for <br />the petrofund reimbursement $2,610 and for the multi peril package <br />$72,810; to Western National Insurance Group for boiler and <br />machinery $429; to the St. Paul Fire and Marine Insurance Co. for <br />small computers $500; and to the United Fire and Casualty for <br />surety bonds $1,193. Ayes _, nays _.