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<br />approximately S 14,700. We would need to secure a quote and offer of <br />coverage from the League in order to make the purchase. <br /> <br />These are just some of the major points in this year's insurance plan, but if the Council <br />would like to see any other options. or has any other questions, we'd be happy to <br />complete research, answer questions, or review in more detail. <br /> <br />Since the costs for this year are significantly higher than last, we have a recommendation <br />for the Council: <br /> <br />For 2006, we recommend the Council purchase the LMCIT proposal at a hi2her <br />deductible to achieve oremium savings. The 'Ootions' memo enclosed olltlines two <br />reasonable choices. We believe the $10.000 Deductible Omion is a reasonable choice. <br />however. Ihe COllncil mal' be more comfortable with the $5.000 Option. Based 011 past <br />historv. either choice should lJrovide premium savings. <br /> <br />Approximate Net savings. based on past 3 years' loss experience, would be approximately <br />S10,OOO on the package, and another $900 011 EquipmenT Breakdown. There may also be some <br />additiollal premium savings as we would review the Property schedule and remove any items or <br />locations valued at less Than The new dedUCTible. <br /> <br />This straTegy would again be carefully reviewedfor The next two years, unTil the impact of the <br />land use claim has expired. We will allalyze loss e.xperience and approximate savings for each <br />year. and make a new recommendation to the Coullcil. And if. after the surcharge for The claim <br />expires, the Council decided to reverT To a lower deductible again. iT can be done at any renewal <br />point. <br /> <br />If the Council has any other questions, I will be happy to address them at your meeting, <br />with Staff, or at any other time convenient for you. If the Council is in agreement with <br />our recommendation. it may pass a motion to accept the LMCIT renewal offer an <br />approximate cost of$313,000 for the period from July 1, 2006 to July 1, 2007. <br /> <br />I appreciate the opportunity to work with, and for, the City of Elk River, and thank you <br />[or your business. <br /> <br />L---- <br /> <br />