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STAFF REPORT <br /> PAGE TWO <br /> JUNE 27, 1994 <br /> The agent further recommends increasing boiler and machinery coverage from $500,000 to <br /> $1,000,000 for an additional premium of $220. I feel that this matter should be discussed <br /> further with Public Works Director Ulrich as I am uncertain of the need for the increased <br /> coverage. The coverage may be added at any time. <br /> An annual recommendation from the agent is the purchase of $1,000,000 excess liability <br /> coverage. The cost of the coverage is $28,934. I recommend we obtain an opinion from <br /> our City attorney on this matter. <br /> Another annual consideration is to increase the City's deductible from $5,000 to $10,000. <br /> This would result in a premium savings of $11,800. Two or more losses $10,000 or over in <br /> a year would take away any savings. Over the past 7 years the City has experienced 3 losses <br /> over $5,000. Those losses were in seperate years. To increase the City's deductible to <br /> $10,000 is to take on additional risk and uncertainty. The agent and I agree that we need a <br /> few more years of good claims experience before-we take on this risk. <br />