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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> ERMU Commission Theresa Slominski—Finance and Office Manager <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> May 8, 2018 2.4 <br /> SUBJECT: <br /> Resolution Electing Not to Waive Statutory Tort Limits for Liability Insurance <br /> ACTION REQUESTED: <br /> Adopt Resolution Electing Not to Waive the Statutory Tort Limits for Liability Insurance <br /> BACKGROUND: <br /> The League of Minnesota Cities Insurance Trust(LMCIT) requires annual approval of the <br /> Utilities' intent to waive or not waive the statutory limits on tort liability as set forth in <br /> Minnesota Statutes. <br /> DISCUSSION: Attached is the Waiver form which also has information regarding making a <br /> decision on whether to elect not to waive, or to waive,the statutory limits. Last year we did not <br /> waive the limits, and neither did the City. The City Council did not waive the limits for this year <br /> either. The recommendation we have received from our insurance agent is not to waive the <br /> limits. <br /> FINANCIAL IMPACT: <br /> This limits our exposure to $500,000 rather than$2,000,000 for an individual claimant; and <br /> $1,500,000 rather than $2,000,000 for all claimants of a single occurrence. <br /> ATTACHMENTS: <br /> • Resolution No. 18-8—Electing Not to Waive the Statutory Tort Limits for Liability <br /> Insurance <br /> • LMCIT Liability Coverage Waiver Form <br /> Page 1 of 1 <br /> 36 <br />