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Item No. 8.B <br />Meeting Date: November 26, 2007 <br />Type of Business: Consent Agenda <br />Administrator Review: _____ <br /> <br />City of Mounds View Staff Report <br /> <br /> <br /> <br /> <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 7188 Electing to Retain the Statutory <br />Tort Limit on Liability for the 2008 Insurance <br />Policies <br /> <br />Minnesota Statutes 466.04 provides a limit on municipal tort liability claims of <br />$300,000 per person and $1,000,000 per incident. Cities have the option of <br />waving this limit if they purchase insurance policies with larger maximum <br />coverage. There is no reason why the City of Mounds View should waive the <br />statutory limit on tort liability. <br /> <br />Cities obtaining liability coverage from the League of Minnesota Cities Insurance <br />Trust must decide whether or not to waive the statutory tort limit. The decision <br />must be made by the City Council before the effective date of the coverage. The <br />attached resolution declares that the City of Mounds View does not waive the <br />statutory limit on tort liability. <br /> <br />Respectfully Submitted, <br /> <br /> <br />_______________________ <br />Mark Beer