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Mayor Hanson and Members of the City Council <br />January 4, 1991 <br />Page 3 <br />contents coverage. Therefore, we are adjusting these <br />schedules to reflect the equipment which would need this <br />type of coverage and the other amounts will be included <br />under building contents coverage thus saving us premium <br />dollars. <br />* The City was carrying Garage Keeper's Liability for the City <br />Garage. It is my understanding that this type of coverage <br />would provide us with protection should someone else's auto <br />be damaged while under our care, custody, or control and <br />located in our building. To my knowledge, we would not have <br />any exposure to this type of risk. Apparently, this <br />coverage was added at the time the fire trucks were being <br />stored at the City Garage. This is no longer necessary and <br />therefore we have deleted this coverage saving approximately <br />$729 in premiums. <br />* Our Agent, David Seppelt, had quoted Fidelity Bond coverage <br />in the amount of $100,000. The cost for this is $992. This <br />coverage was not being provided previously. It would <br />protect the City against any loss by employee theft or <br />embezzlement or other such situations. I have asked him for <br />quotations on lower limits of this type of coverage. The <br />Council should decide whether this is needed at all and if <br />so at what limits. Additional information will be available <br />for Wednesday's meeting on this matter. <br />Boiler and Machinery Coverage is also included at a cost of <br />$1,056. I have asked our Agent to review this insurance and <br />make a recommendation as to its necessity. This will be <br />available for Wednesday's meeting. <br />The Council should address these issues at Wednesday's meeting. Any <br />comments you may have in the meantime should be brought to my <br />attention. <br />JRH:kpv <br />Page 21 <br />