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Agenda Section: 8 • 6 <br /> UNDO,' REQUEST FOR COUNCIL CONSIDERATION Report Number: 9 2—2 6 8 C <br /> STAFF REPORT Report Date: 5/7/92 <br /> 11111, <br /> Council Action: <br /> ❑ Special Order of Business <br /> CITY COUNCIL MEETING DATE MAY 11, 1992 ❑ Public Hearings <br /> 7 Consent Agenda <br /> ❑ Council Business <br /> Item Description: PURCHASE OF INCREASED COVERAGE ON EMPLOYEE BLANKET BOND <br /> FROM THE LEAGUE OF MINNESOTA CITIES INSURANCE TRUST <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY: <br /> An option recommended by the City's insurance agent and me was to increase the <br /> amount of the Employee Blanket Bond from $10,000 to $50,000 per employee. This <br /> change will provide the City with increased protection at a nominal cost. The <br /> additional premium for the increased coverage is $130.00 per year. <br /> 1 <br /> Donald Brager, Financ irector <br /> REACAuthorize t eincrease of coverage on the Employee Blanket Bond, purchased from the <br /> League of Minnesota Cities Insurance Trust, from $10,000 to $50,000 per employee for an <br /> additional annual premium of $130 for the bond. <br />