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09-14-2020 CC
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9/10/2020 4:30:43 PM
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MV City Council
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City Council Packets
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9/14/2020
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Item No: 5.C. <br />Meeting Date: September 14, 2020 <br />Type of Business: Council Consent <br />Administrator Review: _____ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 9304 Authorizing Insurance Policies for the Year <br />January 2020 through December 2020. <br /> <br /> <br />The attached resolution 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. The paperwork has been slow to get to Cities as a result of COVID-19. <br /> <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 and COVID-19 has slowed that even more. We have had <br />uninterrupted coverage during this period. The cost of our property and liability policy increased <br />by $14,964 as a result of new assets and rate increases. <br /> <br />The premium for workers’ compensation has increased by $17,668 in 2020. This is the result of <br />increased payroll and a 9% increase in rates. Our mod decreased from 1.14 in 2019 to 1.04 in 2020. <br />The mod should remain steady for 2021. The overall affect for 2020 will be an increase of $32,632 <br />over 2019. <br /> <br />Staff recommends approval of resolution 9304 authorizing the purchase of insurance policies for <br />the year January 1, 2020 through December 31, 2020. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br />___________________________ <br />Mark Beer <br />
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