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CITY OF ELK RIVER <br /> LAL PREMIUM SUMMARY <br /> 07/01/2014 TO 07/01/2015 <br /> COVERAGES PREMIUMS <br /> 2013-2014 2014-2015 <br /> Property $ 59,800 $81,011 <br /> Mobile Property $ 7,959 $ 8,628 <br /> Equipment Breakdown $ 8,947 $ 9,136 <br /> Crime Included Included <br /> Faithful Performance Bond $ 1,345 $ 1,377 <br /> Municipal Liability $113,056 $110,013 <br /> Auto,Liability and Physical Damage 1 $ 28,644 $28,093 <br /> Open Meeting Law Included Included <br /> Petrofund Included Included <br /> Fireworks Not Covered $ 225 <br /> No Fault Sewer Back Up Not Covered Not Covered <br /> TOTAL PROPERTY/CASUALTY PACKAGE $219,751 $238,483 <br /> Liquor Liability (07/01/13&07/01/14) $ 8,553 $ 7,370 <br /> Excess Liability Not Covered Not Covered <br /> TOTAL P/C PREMIUM $228,304 $245,853 <br /> Note: <br /> 1. Property premium increase $21,211 due to: <br /> a. New Public Works building and contents coverage, (prior Builders <br /> Risk) is an additional$4,766 premium. <br /> b. Citywide ISO Fire Protection Class dropped from a 3 to a 5 rating. <br /> c. LMCIT Inflation cost factor adjustment, approximately 2% increase. <br /> 2. Municipal Auto Liability Premiums: <br /> a. Impacted by new LMCIT rating process emphasizing Land Use, <br /> Police, Sewer Back-up and Employment Related exposures. <br /> b. Experience Factor Modifier decreased from 1.319 to 1.029, (18.5% <br /> decrease), due primarily to 2009 Land Use claim dropping off. <br /> c. Aggregate Factor Modifier surcharge changed from 1.075 (2012) to <br /> 1.073, (2013) to 1.090 this renewal. <br />