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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />4.12 <br /> <br />Meeting Date <br />June 3, 2024 <br />Prepared By <br />Lori Stich, Finance Manager <br /> <br />Item Description <br />Insurance Agent of Record <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <br /> <br />Action Requested <br />Approve by motion, Corporate Four Insurance to continue providing insurance agent of record services to <br />the City of Elk River. <br /> <br />Background/Discussion <br />The city must have an insurance agent of record as a member of the League of Minnesota Cities Insurance <br />Trust (LMCIT). In March 2013, the city engaged Northern Capital Insurance Group to provide these services: <br />▪ Advise and assist the city in assembling and accurately reporting underwriting data, including updating <br />property values, for rating purposes. <br />▪ Advise and assist the city in evaluating and selecting among coverage alternatives such as deductibles, <br />limits, optional coverage, and alternative coverage forms, etc. <br />▪ Review coverage documents and invoices to assure coverage has been correctly issued and billed. <br />▪ Advise the city on potential gaps or overlaps in coverage. <br />▪ Assist the city as requested in submitting claims and interpreting coverage as applied to particular <br />claims. <br />▪ Review loss reports for correct reporting, appropriate reserves, etc. <br />▪ Assist as requested with safety and loss control activities. <br />▪ Assist the city in identifying risk exposures and developing appropriate strategies to address those <br />exposures. <br />▪ In 2019, the services were transferred from Northern Capital Insurance Group to Corporate Four <br />Insurance with a five-year agreement. Staff recommends continuing the relationship with Corporate <br />Four Insurance for another five years as outlined in the attached service fee agreement. <br /> <br /> <br />Financial Impact <br />Annual fees are paid from the Insurance Reserve Fund. <br /> <br />Page 68 of 464