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FIRST NATIONAL INSURANCE AGENCY OF ELK RIVER <br />812 MAIN STREET <br /> ELK RIVER, MN 55330 <br /> 763-441-2500 <br /> <br />July 22, 2002 <br /> <br />To: Honorable Mayor & Council Persons <br /> City of Elk River <br /> <br />Thank you for this time on your full agenda this evening. I will be brief, but am <br />available for questions either tonight, or at another time more convenient for you. This <br />year's renewal proposal from the League of Minnesota Cities Insurance Trust (LMCIT) <br />is, again, an excellent proposal. The LMCIT program continues to provide unique and <br />appropriate coverage for MN municipalities, and this self-insured plan remains <br />financially very sound. <br /> <br />And, of course, it has again been a pleasure to work with the City's fine staffto collect, <br />analyze and prepare the information necessary to prepare the coverage proposal and <br />premium information for the entire City. We are presenting a brief summary for you this <br />evening, but there is significant detail behind it. Loft Johnson and her staff have an <br />excellent grasp of both the overall concepts and the detail needed to provide this <br />protection for the City's resources. <br /> <br />We are here several weeks after the official renewal date of July 1st, but have bound the <br />City's renewal. The LMCI staff has advised that workload has increased significantly, <br />due to insurance market conditions. Quite a number of cities which have not participated <br />in the past, have now come to LMCIT. <br /> <br />I have attached a brief outline of the premium costs for this renewal, and will list several <br />additional points we can discuss tonight. If there are areas of concern or question, we can <br />talk about them tonight, or I am happy to attend another meeting to present information. <br />Or, if you prefer, I can meet with one or several of you individually, to review questions. <br /> <br />Special items for tonight's discussion include: <br /> <br />1) <br /> <br />Rates - the basic rates for most coverages available through the LMCIT program <br />have not changed from last year. Worker's compensation and Machinery <br />Breakdown rates have been increased by about 7%. The increases in cost for this <br />year are coming from increased exposures and coverage enhancements. <br /> <br /> <br />