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<br />Item No: 8.C. <br />Meeting Date: April 25, 2016 <br />Type of Business: Council Consent <br />Administrator Review: _____ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8552 Authorizing Insurance Policies for <br />the Year January 2016 through December 2016. <br /> <br /> <br />The attached Resolution 8552 authorizes staff to purchase insurance policies with the <br />League of Minnesota Cities Insurance Trust (LMCIT) and to make payment of the premiums <br />and commission as they become due. <br /> <br />The January 1 renewal date has delayed receipt of our policy from the League of Minnesota <br />Cities Insurance Trust as there are a number of cities with the same date. The League has <br />a difficult time processing that many applications. The cost of our property and liability <br />policy decreased by $1,859 as a result of fewer vehicles insured and lower municipal <br />liability costs. <br /> <br />The premium for workers’ compensation has decreased by $25,432 in 2016. This is the <br />result of a large change in our experience mod. Our mod changed from 1.63 in 2015 to <br />1.38 in 2016. The overall affect will be a decrease of $27,291 over 2015. <br /> <br />Staff recommends approval of resolution 8552 authorizing the purchase of insurance <br />policies for the year January 1, 2016 through December 31, 2016. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br />___________________________ <br />Mark Beer <br />