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Elk River <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Melissa Karpinski — Finance Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />June 13, 2023 <br />6.1c <br />SUBJECT: <br />Staff Update <br />ACTION REQUESTED: <br />None <br />DISCUSSION: <br />We received our property and liability insurance renewal for July 1, 2023 to July 1, 2024. <br />The total premium decrease is approximately 7.28% from prior year; $152,378 <br />compared to $164,345. This is mainly due to methane gas powerplant decommissioning <br />which is partially offset by a 5% rate increase and inflation. A breakdown of the <br />premium decrease is below. <br />Premium <br />Coverage <br />2023 <br />2022 <br />% Change <br />Property <br />$ <br />57,458 <br />$ <br />48,709 <br />17.96% <br />Mobile Property <br />$ <br />1,688 <br />$ <br />1,447 <br />16.66% <br />First Party C ber <br />$ <br />5,897 <br />$ <br />5,897 <br />0.00% <br />Municipal Liability <br />$ <br />33,470 <br />$ <br />29,224 <br />14.53% <br />Auto Liability <br />$ <br />4,030 <br />$ <br />3,589 <br />12.29% <br />Auto Physical Damage <br />$ <br />3,848 <br />$ <br />3,423 <br />12.42% <br />Bond <br />$ <br />592 <br />$ <br />596 <br />-0.67% <br />Equipment breakdown <br />$ <br />45,395 <br />$ <br />71,460 <br />-36.47% <br />Total Premium <br />$ <br />152,378 <br />$ <br />164,345 <br />-7.28% <br />• ERMU's payroll Specialist is working on the implementation of benefits enrollment <br />within iVUE Connect Financials — HR. <br />Page 1 of 1 <br />176 <br />