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UTILITIES COMMISSION MEETING <br />TO:FROM: <br />ERMU CommissionMelissaKarpinski – Finance Manager <br />MEETING DATE: AGENDA ITEM NUMBER: <br />April 13, 20212.4 <br />SUBJECT: <br />Resolution Electing Not to Waive Statutory Tort Limits for Liability Insurance <br />ACTION REQUESTED: <br />Adopt Resolution 21-6Electing 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 /> <br />DISCUSSION: <br />Attached is the waiver form which also has information on deciding whether to elect not to <br />waive, or to waive, the statutory limits. Last year we did not waive the limits, and neither did <br />the City. The recommendation we have received from our insurance agent is not to waive the <br />limits. <br /> <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 /> <br />ATTACHMENTS: <br /> Resolution No. 21-6 - Electing Not to Waive the Statutory Tort Limits for Liability <br />Insurance <br /> LMCIT Liability Coverage Waiver Form <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />______________________________________________________________________________ <br />Page 1 of 1 <br />46 <br />