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ELK RIVER MUNICIPAL UTILITIES <br />RENEWAL PREMIUM SUMMARY <br />07/01/2019 TO 07/01/2020 <br />COVERAGES ,F PREMIUMS PREMIUMS <br />2019 - 202o F-2ols - 2019 <br />Property(2) - _ - --- r _ $ 32,981_ $ 30,425 <br />Mobile Property s $ 1,402 j $ 1,318 <br />Equipment Breakdown (1) $ 66,630 j� $ 57,954 <br />Crime_ Included '- Included - <br />Crime <br />Faithful Performance Bond $` 640 $ 640 <br />Municipal Liability (3) y j $ 23,840� $ 23,141 ! <br />Automobile Liability (4) $ 3,601 F $ 2,708 <br />Automobile Physical Damage f _ $ 3,548 ! $ 3,443 <br />Open Meeting Law _ ! ; Included ;� Included j <br />j Petro - Fund Included Included _ <br />Fireworks Not Covered Not Covered <br />No Fault Sewer Back Up Not Covered r— Not Covered <br />TOTAL PROPERTY/CASUALTY PACKAGE _ $ 132,642 $ 119,629 <br />Liquor Liability !®� Not Covered j _ Y Not Covered <br />Excess liability Not Covered I Not Covered <br />TOTAL P/C PREMIUM $ 132,642 F $ 119,629 <br />NOTES: <br />1. Equipment Breakdown coverage increased premium Underwriter explanation: "There was an <br />error in our calculation last year that led to us undercharging by quite a bit for the equipment <br />breakdown coverage. Last year, the charge should've been up around $64,000 or so. It looks like <br />a jump in premium but really the member simply got a deal last year due to our error." <br />2. The total insurable values increased from $59,603,298 last year to $62,005,094 this year (LMCIT <br />Replacement Cost Inflation Factor). <br />3. The Liability premium increased by about 3%, as the rating expenditures increased from last <br />year. Your Municipal Liability Experience Factor Modifier is 0.877 (13.2% credit) <br />4. The Auto premium increased about 15%. The Municipal Liability Experience Factor Modifier no <br />longer includes the Auto liability loss experience, as the Auto liability premium previously was <br />surcharged for non -auto liability claims like Land Use and Employment Practices loss costs. <br />67 <br />