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Ji <br />Elk River amft . <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Melissa Karpinski — Finance Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />April 9, 2024 <br />2.4 <br />SUBJECT: <br />Resolution Electing Not to Waive Statutory Tort Limits for Liability Insurance <br />ACTION REQUESTED: <br />Adopt Resolution 24-5 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: <br />Attached is the waiver form which also has information to help make the decision to waive or <br />not waive the statutory limits. Last year we did not waive the limits, and neither did the City. <br />The recommendation we have received from our insurance agent is not to waive the 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. 24-5 - Electing Not to Waive the Statutory Tort Limits for Liability <br />Insurance <br />• LMCIT Liability Coverage Waiver Form <br />Page 1 of 1 <br />41 <br />