Laserfiche WebLink
RESOLUTION 13- 10 <br /> • <br /> A RESOLUTION OF THE CITY OF ELK RIVER <br /> A RESOLUTION APPOINTING INSURANCE AGENT OF RECORD FOR <br /> LEAGUE OF MINNESOTA CITIES INSURANCE TRUST <br /> WHEREAS, the League of Minnesota Cities Insurance Trust (LMCIT) requires cities to <br /> use the services of an agent in order to participate in the LMCIT <br /> property/casualty program;and <br /> WHEREAS, the City Council has reviewed and considered the written materials from <br /> LMCIT discussing the agent's role and compensation in LMCIT;and <br /> WHEREAS, Northern Capital Insurance Group has agreed that they are willing to provide <br /> to the city the services listed below under the terms and conditions listed <br /> below; and <br /> NOW, THEREFORE, BE IT RESOLVED THE FOLLOWING: <br /> Appointment <br /> 1. The City of Elk River hereby appoints as its agent for purposes of the city's <br /> • participation in the LMCIT property/casualty and workers' compensation programs. <br /> Northern Capital Insurance Group <br /> Term: five (5 years) <br /> 2. This appointment shall remain effective until June 30,2018. <br /> Compensation <br /> 3. As compensation for the services provided to the city as described in Paragraph 4 <br /> below, the city will pay to the agent a fee of$9,000 annually. The city hereby directs <br /> LMCIT not to include any allowance for an agent's fee in quoting and billing the <br /> city's premiums for property,liability,and automotive coverage and to refund the <br /> two percent workers' compensation coverage agent fee allowance to the city. <br /> Services <br /> 4. The agent will perform the following services: <br /> a. Advise and asset the city in assembling and accurately reporting underwriting <br /> data,including updating property values, for rating purposes. <br /> b. Advise and assist the city in evaluating and selecting among coverage alternatives <br /> such as deductibles,limits, optional coverages, and alternative coverage forms, <br /> etc. <br /> c. Review coverage documents and invoices to assure coverage has been correctly <br /> • issued and billed. <br /> d. Advise the city on potential gaps or overlaps in coverages. <br /> N:\Public Bodies\City Council\Council RCA\Agenda Packet\03-18-2013\4.4 Resolutioninsuranceagentdocx <br />