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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www, ci.little- canada. mn. us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Shelly Rueckert, Finance Director <br />DATE: June 7, 2006 <br />RE: Insurance Savings <br />MAYOR <br />Bill Blesener <br />COUNCIL <br />Jim LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />ADMINISTRATOR <br />Joel R. Hanson <br />Upon a review of our 2006/2007 insurance policy, it was noted that the City has a $500 <br />deductible for property and casualty coverage. The premium cost for this coverage is <br />currently $14,634. <br />Premium pricing with a higher deductible was requested along with a claims history. The <br />claims history report revealed very minimal property claims over the past several years. <br />The premium reduction associated with a $2,500 deductible would be approximately <br />$6,000. <br />Given the minimal level of the City's historical claims, it is recommended the City <br />increase its deductible to $2,500 to achieve an annual premium savings of approximately <br />$6,000. <br />1 <br />