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MOUNDS VIEW <br />City of Mounds View Staff Report <br />Item No: S.E. <br />Meeting Date: April 22, 2019 <br />Type of Business: Council Consent <br />Administrator Review: <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9101 Authorizing Insurance Policies for the Year <br />January 2019 through December 2019. <br />The attached Resolution 9101 authorizes staff to purchase insurance policies with the League of <br />Minnesota Cities Insurance Trust (LMCIT) and to make payment of the premiums and commission <br />as they become due. <br />The January 1 renewal date has delayed receipt of our policy from the League of Minnesota Cities <br />Insurance Trust as there are a number of cities with the same date. The League has a difficult time <br />processing that many applications. The cost of our property and liability policy increased by $9,232 <br />as a result of new assets (PW building) and rate increases. <br />The premium for workers' compensation has increased by $38,812 in 2019. This is the result of a <br />change in our experience mod and a 2% increase in rates. Our mod increased from 0.95 in 2018 to <br />1.14 in 2019. The mod should remain steady for 2020. The overall affect for 2019 will be an <br />increase of $48,044 over 2018. <br />Staff recommends approval of resolution 9101 authorizing the purchase of insurance policies for <br />the year January 1, 2019 through December 31, 2019. <br />Respectfully submitted, <br />Mark Beer <br />