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"-::i Agenda Section: 9.C <br /> tiMnit <br /> REQUEST FOR COUNCIL CONSIDERATION Report Number. 93-483C <br /> ,,STAFF REPORT Report Date: 4-22-93 <br /> Council Action: <br /> 0 Special Order of Business <br /> CITY COUNCIL MEETING DATE April 26, 1993 0 Public Hearings <br /> 0 Consent Agenda <br /> ® Council Business <br /> Item Description: Consideration of 1993 Insurance Renewals <br /> Administrators Review/Recommendation: <br /> - No comments to supplement this report lir' v <br /> - Comments attached. <br /> Explanation/Summary (attach suppleme.t sheets as ••cessary.) <br /> SUMMARY; <br /> • <br /> Chuck Clysdale and I have prepared insurance applications and submitted <br /> them to the League of Minnesota Cities Insurance Trust(LMCIT) for <br /> renewal quotations. Attached please find a summary which Mr. Clysdale <br /> has prepared. Mr. Clysdale will be at the Council meeting at 7: 30 p.m. <br /> to review the renewal information and to answer any questions which you <br /> may have. <br /> A comparison of the 1992/1993 premiums to the 1993/1994 premiums is <br /> presented below: <br /> • <br /> Coverage 1992/1993 1993/1994 <br /> Property/General Liability $ 75, 044 $ 81, 686 <br /> Boiler & Machinery 5, 089 5, 343 <br /> Worker Compensation 58, 246 57,460 . <br /> Total $138,379 $144,489 <br /> • <br /> Increase $ 6, 110 <br /> Percent of Increase • 4.4% <br /> The total amount budgeted(all funds) for insurance premiums for 1993 was <br /> $153,581. If accepted this proposal is $9, 092 under the budgeted <br /> amount. <br /> Since the LMCIT is the City's only source for insurance I recommend that <br /> the City accept the proposal from the LMCIT in the amount of $144,489 <br /> for insurance coverages from May 1, 1993 through April 30, 1994. <br /> '4MENDATION: ► ^ <br /> Don Brager, Fi nce Director-Treasurer <br />