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To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8949 Authorizing Insurance Policies for the Year <br />January 2018 through December 2018. <br />The attached Resolution 8949 authorizes staff to purchase insurance policies with the League of <br />Minnesota Cities Insurance Trust (LMCIT) and to make payment of the premiums and commission <br />as they become due. <br />The January 1 renewal date has delayed receipt of our policy from the League of Minnesota Cities <br />Insurance Trust as there are a number of cities with the same date. The League has a difficult time <br />processing that many applications. The cost of our property and liability policy increased by $5,124 <br />as a result of new assets and rate increases. <br />The premium for workers' compensation has decreased by $12,294 in 2018. This is the result of a <br />change in our experience mod. Our mod changed from 1.15 in 2017 to 0.95 in 2018. The mod will <br />increase in 2019. The overall affect for 2018 will be a decrease of $7,170 over 2017. <br />Staff recommends approval of resolution 8949 authorizing the purchase of insurance policies for <br />the year January 1, 2018 through December 31, 2018. <br />Respectfully submitted, <br />Mark Beer <br />