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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 /> July 10, 2018 2.4 <br /> SUBJECT: <br /> Renewal Premium for LMCIT Property/Casual Insurance <br /> ACTION REQUESTED: <br /> Accept the 2018-2019 Property and Casualty Insurance renewal. <br /> BACKGROUND: <br /> Our annual renewal for Property and Casualty Insurance is effective 7/1/2018 through 7/1/2019. <br /> DISCUSSION: <br /> We have received our renewal premium from the LMCIT for the 2017-2018 year. The 2017- <br /> 2018 renewal is $119,629 with a$20,000 per occurrence/$40,000 annual aggregate deductible, <br /> except the Equipment Breakdown has a separate $20,000 per accident deductible. This renewal <br /> is an increase from the prior year of$4,507 or 4%. <br /> We have an increase in premium this year due the Equipment Breakdown and Municipal <br /> Liability categories increasing. <br /> • We had an insurance claim with a Landfill Gas Plant engine failure early 2016 <br /> and that is contributing to the increase in equipment breakdown. <br /> • Our experience modification factor increased slightly from .873 to .875, however, <br /> our aggregate factor decreased slightly from 1.014 to 1.010. <br /> I have attached the Renewal Premium Summary for your review, which lists the various <br /> coverages and related premiums. No changes are suggested and so this is informational only. <br /> FINANCIAL IMPACT: <br /> A 4% increase in premium from the prior year, totaling$4,507. <br /> ATTACHMENT: <br /> • 2018-2019 Renewal Premium Summary <br /> Page 1 of 1 <br /> 33 <br />