5.2. SR 10-27-2003 - Laserfiche WebLink

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FIRST NATIONAL INSURANCE AGENCY OF ELK RIVER 812 MAIN STREET ELK RIVER, MN 55330 763-441-2500 October 22, 2003 To: Honorable Mayor & Council Persons City of Elk River Thank you for allowing me to take some time on your agenda to present the League of Minnesota Cities Insurance Trust (LMCIT) insurance renewal for the City. The presentation will be brief, but I will be available for questions either at your meeting, or at another time more convenient for you or the council members who are not able to attend the meeting on the 27th. Your LMCIT renewal this year is late in arriving, and is also significantly increased over the cost of your coverage for the July, 2002 renewal. It is, however, an excellent renewal proposal and the increases are largely due to increased City assets and activity. The LMCIT program continues to provide a stable program which is well funded and offers superior claims service to its member cities. The League continues to be slow at preparing proposals, but is particularly late this year as the Property Appraisal program for the City of Elk River was nearing completion and the final figures were necessary to price the property exposures. This appraisal is now complete and the property values have been used for your renewal. Also, the City of Elk River has been assigned to one of two senior underwriters. This is good - we get the expertise, but also means we wait for that expertise. Your coverage has been bound with LMCIT since your normal anniversary date of July 1, 2003. It is always a pleasure to work with good people, and your City staff is no exception. Lori Johnson and her staff have developed a thorough and complete approach to preparing the necessary information to arrive at appropriate coverages and pricing. The task this past year has been even greater due to the appraisal process, construction projects, and non-renewal by your previous company for the liquor store. I appreciate the opportunity to work with your City professionals, and would like to take this opportunity express my compliments to you and your staff. I have attached a brief outline of the premium costs for this renewal, and will list several additional points to help explain the increases in cost and other changes. If you have any questions or concerns, I will address them at your meeting or any other convenient time.