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cnr or ~ /~ <br />..__ <br />ERiver <br />REQUEST FOR ACTION <br />To Item Number <br />Ci CouncIl 5.5 <br />Agenda Section Meeting Date Prepared by <br />Administration November 1, 2010 Tim Simon, Finance Director <br />Item Description Reviewed by <br />Annual Renewal of City's Insurance Policies with the League of Lori ohnson, Ci Administrator <br />Minnesota Cities Insurance Trust Reviewed by <br />Action Requested <br />The City Council is asked to consider renewal of the City's insurance policies with the League of <br />Minnesota Cities Insurance Trust (LMCIT). <br />Background/Discussion <br />For over twenty years the City of Elk River and Elk River Municipal Utilities (ERMU) have participated <br />in the LMCIT. Mary Eberley of Liberty Insurance Agency will present the July 1, 2010, LMCIT renewal, <br />which was just received from LMCIT. Coverage has been in binder since the official July 1 renewal date <br />even though the renewal documents and rates were just received. The workers' compensation insurance <br />renewal is included as well; that policy xene~ved on October 1, 2010. The policy has remained unchanged <br />fox the most part. The details of the proposal axe outlined in the attached memo from Mary Eberley. <br />Here axe a few highlights which axe outlined in Mary Ebexley's attached memo: <br />• The City continues to receive a dividend fox participating in the LMCIT program. <br />Builders' Association claim no longer has an impact on our renewal. <br />The property schedule has remained relatively the same as last renewal. <br />The Property, Autos, Municipal Liability, and other miscellaneous policies axe down .56% over <br />last year's renewal. The Workers Compensation costs have increased as our experience <br />modification factor has increased from .85 to .93 fox this renewal. <br />The City and ERMU continue to be proactive in promoting safety and safety standards through the <br />continued dedication of all City employees and the Safety Committee. These efforts result in a substantial <br />premium savings for the City. <br />Financial Impact <br />See attached Premium Summary & Comparison -2010 worksheet <br />Attachments <br />• Letter from Mary Eberley -Liberty Insurance Agency <br />• City of Elk River Premium Summary & Comparison-2010 <br />N:\Public Bodies\City Council\Council RCA\Agenda Packet\11-1-2010\InsuranceRenewa110- <br />11 [1].doc <br />