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MEMO NDUM <br /> <br />Item 5.8. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor and City Council <br /> <br />Lori Johnson, Finance Director <br /> <br />September 7, 2004 <br /> <br />Consider League of Minnesota Cities Insurance Trust Policy <br />Options and 2004-05 Workers' Compensation Insurance <br />Renewal <br /> <br />On August 16 Mary Eberly and I presented information about the city's insurance renewal <br />with the League of Minnesota Cities Insurance Trust (LMCIT) for the city's comprehensive <br />property and casualty, bond, liability, and various other coverages. At that time there were <br />several options presented that needed additional research prior to making a decision. <br />Recommendations on these options are included in this memo and the attached memo from <br />Mary Eberly. Also, the city has received information from LMCIT on the Workers' <br />Compensation policy that renews on October 1, 2004. That information is included and <br />Council action is requested to renew that policy as well. <br /> <br />First, below are the options discussed at the August 16 meeting in summary along with a <br />recommendation. Please refer to the attached memo from Mary Eberley for detailed <br />information. <br /> <br />Deductibk Options <br />The current deductible is $1,000. The recommendation based on a three year <br />trend would be to stay with $1,000 deductible. However, the <br />recommendation based on five year trend would be to increase the <br />deductible to $2,500. <br /> <br />Faithful Pe~rmance Bond <br />The recommendation is to increase from current $200,000 to $500,000. <br /> <br />Equipment Breakdown <br />The recommendation is to reject the option to increase to $5,000 deductible. <br /> <br />S: ~Council~l.ori~ 2004~ InsuranceRenewal090704.doc <br /> <br /> <br />