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<br /> <br />League of Minnesota Cities <br />Insurance Trust <br />145 University Avenue West, Sl Paul, MN 55103-2044 <br />(651) 281-1200 . (800) 925-1122 <br />Fax: (651) 281-1298 . TOO: (651) 281-1290 <br />www.lmnc.org <br /> <br />November 22. 2004 <br /> <br />To: LMCIT members and agents <br /> <br />From: LMClT <br /> <br />Re: 2005 Property/Casualty and Workers' Compensation rates and dividend <br /> <br />Premiums <br /> <br />Here are the premium rate changes LMClT members will see at their next renewal. The <br />property/casualty rate changes apply to renewals on or after November 15, 2004. The <br />work comp rate changes apply to renewals in 2005. <br /> <br />. Municipal liability rates will decrease 7%. <br />. Property rates will increase 2%. <br />. Auto liability rates will increase 3%. <br />. Petro fund supplement rates will decrease 10%. <br />. Work comp rates will increase 7%. <br /> <br />Rates for all other coverages will be unchanged. <br /> <br />For most cities. the property/casualty rate changes will add up to a small net decrease in <br />premium rates. Of course. an individual city's premium will also be affected by changes <br />in exposures (payrolls. expenditures, property values, etc.) and by changes in its <br />experience rating. <br /> <br />Dividends <br /> <br />Property/casualty program members will again share a S9 million dividend this year. <br />This is the same amount we've returned in each of the past 1 wo years. As in the past, <br />we'll distribute the dividend in mid-December. The dividend formula will be the same as <br />we've used for several years. Under that fomlUla, each city's share is proportionate to <br />the difference between the city's total earned premiums and total incurred losses for all <br />years the city has been a member. with large individual losses capped for purposes of the <br />fommla. <br /> <br />The work comp program will not return a dividend this year. <br />