Agenda Packets - 2013/04/08 - Laserfiche WebLink

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Item No: 8.A. Meeting Date: April 8, 2013MQVNDST!kE7W Type of Business: Council Conqknt Administrator Review: 6 z City of Mounds View Staff Reoort To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Resolution 8081 Authorizing Insurance Policies for the Year January 2013 through December 2013. The attached Resolution 8081 authorizes staff to purchase insurance policies with the League of Minnesota Cities Insurance Trust (LMCIT) and to make payment ofthe premiums and commission as they become due. The January 1 renewal date has delayed receipt of our policy from the League of Minnesota Cities Insurance Trust as there are a number of cities with the same date. The League has a difficult time processing that many applications. The cost of our property and liability policy Increased by $7,641 as a result of rating changes by the LMCIT. Those cities that have police departments will bear a larger share of the pooled costs. This is also the last year of reduced commission credits of $7,500 per year, negotiated with Maguire Agency for 2012 and 2013. The premium for workers' compensation has increased by $2,488 in 2013. This is the result of a rate increase by LMCIT and a slight change in our experience mod. We continue to receive non-smoking rates for the police department as they continue to be 90% smoke free. The overall affect will be an increase of $10,129 over 2012. The LMCIT now includes internet liability coverage as part of the Comprehensive Municipal Coverage package and not as separate coverage. This added more coverage at no additional cost. We previously paid Chubb Insurance $2,500 for this coverage. Staff recommends approval of resolution 8081 authorizing the purchase of insurance policies for the year January 1, 2013 through December 31, 2013. Respectfully submitted, Mark Beer