Laserfiche WebLink
MEMORANDUM <br /> DATE: May 16, 1997 <br /> TO: Mike Mornson, City Manager <br /> FROM: Roger Larson, Finance-Director <br /> ITEM: LEAGUE OF MN CITIES INSURANCE RENEWAL <br /> Mr. Mark Flaten of Berkley Risk Services was present at the May 6, 1997, Council Work <br /> Session to discuss and finalize insurance coverage for June 1, 1997 - May 31, 1998. <br /> The attached information includes price quotations for property, auto, general liability, workers' <br /> compensation and liquor liability. The cost for maintaining our present coverage of $10,000 <br /> deductible and $50,000 aggregate totals $166,866 (Workers' Comp went down an additional <br /> • $189). <br /> This amount represents a decrease in premiums of($18,415) which is primarily due to decreases <br /> in general liability and workers' comp premiums and the removal of Apache Wells from the <br /> policy. <br /> The lowest premium for On-Sale and Off-Sale liability coverage is being offered by Lexington <br /> Insurance Company who insured last years liquor liability coverage. This company has A++15 <br /> financial rating which is the highest rating any insurance company can receive. <br /> Workers' compensation costs continue to be a concern for all Minnesota businesses. To help <br /> rehabilitate employees in a timely manner, St. Anthony adopted a Managed Care Plan where <br /> employees who are injured on the job are assigned to a specific clinic for rehabilitation of their <br /> injury. <br /> This results in a 10% reduction in workers' comp premiums and assists the employee with <br /> developing a medical plan and treatment schedule. <br /> As in previous years, no other insurance companies choose to compete with the League of <br /> Minnesota Cities Insurance Trust. Last years coverage is primarily duplicated and a cost <br /> breakdown is attached for Councils' review. <br />