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Option 2 <br /> If the city waives the statutory tort limits and does not purchase excess liability coverage, a single claimant <br /> could potentially recover up to $1,500,000 on a single occurrence. The waiver increases the city's <br /> premium by roughly 3%higher for coverage under the waiver option. <br /> Option 3 <br /> If the city waives the statutory tort limits and purchases excess liability coverage, a single claimant could <br /> potentially recover an amount up to the limit of the coverage purchased. The total which all claimants <br /> would be able to recover for a single occurrence to which the statutory tort limits apply would also be <br /> limited to the amount of coverage purchased,regardless of the number of claimants. The waiver <br /> increases the city's premium by roughly 3%higher for coverage under the waiver option plus the cost of <br /> excess liability coverage. <br /> Staff recommends electing Option 1 not to waive the statutory limits. The following resolution allows the <br /> statutory tort limits to remain in place until the Council changes this election. Staff will ask Council to <br /> consider this question annually as required by the LMCIT. <br /> FINANCIAL IMPACT <br /> The city maintains liability insurance coverage through the LMCIT in the amount required by statute. <br /> ATTACHMENTS <br /> • Resolution Electing Not To Waive The Statutory Tort Limits For Liability Insurance <br /> • League of Minnesota Cities—LMCIT Liability Coverage Options Memo <br />