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Item ~ 5.3. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />Mayor and City Council <br /> <br />Lori Johnson, Finance Director <br /> <br />July 9, 2001 <br /> <br />SUBJECT: Property and Liability Insurance Renewal with LMCIT <br /> <br />For many years the city has had insurance coverage with the League of Minnesota Cities <br />Insurance Trust (LMCIT) for its property, liability, auto, bond and other related insurance <br />coverage. The contract with LMCIT renewed on April 1, 2001; however, we just received <br />information from LMCIT on the premium and changes in the policy. Typically this <br />information has been presented to the Council prior to renewal, with the exception of last year <br />due to a similar delay from the LMCIT. The city has requested that its policy renewal be <br />changed to July which is a less busy time for LMCIT which should allow the underwriters <br />time to get the renewal information to the city prior to the actual renewal. The renewal <br />information provided at this time includes the contract for April, May, and June 2001 and a 12 <br />month contract for July 1, 2001 to July 1, 2002. <br /> <br />Mary Eberley of First National Insurance Agency will be present on Monday to discuss the <br />policy in as much detail as the Council wants. Because there are no other insurance <br />companies currently writing municipal coverage in Minnesota, no other quotes are provided. <br />The city has some unique items including the dam and the beach that many companies do not <br />want to insure. The LMCIT's premiums are also extremely competitive so most companies <br />do not want to do municipal business in Minnesota knowing that they cannot match the <br />premiums or the high level of coverage that the LMCIT offers. <br /> <br />Action Requested <br />The City Council is asked to consider the insurance renewal with LMCIT for coverage <br />through July 1, 2002. <br /> <br /> <br />