5.13. SR 12-19-1994 - Laserfiche WebLink

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r I -'\) ( )j till ITEM 5.13. MEMORANDUM TO: Mayor & City Council \ Lori Johnson, Finance Director ~~ FROM: DATE: December 19, 1994 SUBJECT: Insurance Issues In September when the insurance contract renewal was discussed, there were several items on which the Council did not act and requested further information. Dan Greene presented information on both the Open Meeting Law and Excess Liability Insurance coverage. In response to the Council's request for further information, attached is a memo from City Attorney Peter Beck regarding these two items. . Staff is recommending approval of the Open Meeting Law insurance at a premium cost of $1,756 per year. This policy would cover all Boards and Commissions of the City. The other item yet to be addressed is the need for Excess Liability Insurance. The attached memo gives further explanation of what the Excess Liability Insurance would cover. As Peter indicates, the League of Minnesota Cities has stated that they have very seldom had claims which would be covered under the Excess Liability Insurance. The premiums for this coverage are somewhat high. The annual premium without a waiver of immunity is $29,636. The annual premium with a waiver of immunity is $40,147. Action Reauested The City Council is asked to indicate whether it wishes to purchase Open Meeting law coverage at an annual premium of $1,756 for all City Officials. Second, the City Council is asked to indicate whether it wishes to carry Excess Liability coverage at an annual premium of $29,636 without a waiver of immunity or $40,147 with a waiver of immunity. council:insissue . 13065 Orono Parkway. P.O. Box 490. Elk River, MN 55330. (612) 441-7420. Fax: (612) 441-7425