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r <br />REQUEST FOR COUNCIL ACTION Jss. <br />DATE: January 8,199^ <br />ITEM NO: / ^ <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 />1998 Application for Coverage Under the LMCIT Self-Insurance Worker's <br />Compensation Plan <br />Attachment: 1.) Application for Coverage Form <br />2.) Estimated 1998 Premium Quotation <br />We have received the renewal premium quotation for worker compensation insurance <br />from tl;e League of Minnesota Cities Insurance Trust (LMCIT) for the year 1998. The <br />gross premium for 1998 is $40,989, which is reduced by our experience modification of <br />.70 and a premium discount of 5.5%, resulting in a net initial premium of $26,441. This <br />is a decrease of $3,302 or 11.1% less than the 1997 initial premium. The decrease is due <br />primarily to a reduction in the base rate for most classifications of between 5.6% and <br />25.2% from 1997. The net initial premiums for the prior three years were: $41,444 for <br />1995, $30,583 for 1996, and $29,743 for 1997. <br />COUNCIL ACTION REQUESTED: <br />Approval of the 1998 Application for Coverage under the L MCIT Self-Insured Worker's <br />Compensation Plan and award of the 1998 worker compensation insurance to the LMCIT <br />for the initial net premium of $26,441, effective January 1, 1998.