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<br />Item No: 8H <br />Meeting Date: April 23, 2012 <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 7926 Authorizing Insurance Policies for the Year <br />January 2012 through December 2012. <br /> <br /> <br />The attached Resolution 7926 authorizes staff to purchase insurance policies with the <br />League of Minnesota Cities Insurance Trust and to make payment of the premiums and <br />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 a <br />difficult time processing that many applications. The cost of our property and liability policy <br />decreased by $15,099 as a result of reduced rates and adjusted property values and a <br />commission credit of $7,500 per year, negotiated with Maguire Agency for 2012 and 2013. <br /> <br />The premium for workers’ compensation has decreased by $724 in 2012. This is the result of <br />reduced payroll expenses. We continue to receive non-smoking rates for the police <br />department as they continue to be 90% smoke free. The overall affect will be a decrease of <br />$13,823 over 2011. <br /> <br />The LMCIT now includes internet liability coverage as part of the Comprehensive Municipal <br />Coverage package and not as separate coverage. This added more coverage at no <br />additional cost. We previously paid Chubb Insurance $2,500 for this coverage. <br /> <br />Staff recommends approval of resolution 7926 authorizing the purchase of insurance policies <br />for the year January 1, 2012 through December 31, 2012. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br />___________________________ <br />Mark Beer <br />