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<br /> . ~ A ,+,(3 <br /> Minutes of Regular Finance Committee Meeting <br /> . Village of Arden Hills <br /> February 26, 1987 <br /> Village Hall <br /> Call to Order <br /> The meeting was called to order at 7:35 p.m. by Chairman Erickson. <br /> Roll Call <br /> Present: Larry Erickson, Charlotte McNiesh, Ed Menze, Trudy Rautio, <br /> Ramanik Shah, Thomas Steele <br /> Absent: Chuck Mertensotto, Eric Nesset, Robert Rehkamp <br /> Also Present: Councilman Gary Peck, Mayor Robert Woodburn, Clerk Administrator <br /> Pat Morrison, Treasurer Don Lamb <br /> William Hite, Insurance Agent of Record <br /> Paul Malone, Public Safety/Works Committee <br /> Oaths of Office <br /> The oath of office was administered to Trudy Rautio and Tom Steele by <br /> Councilman Peck. <br /> Approval of Minutes <br /> It was moved by Shah, seconded by Menze, that the minutes of January 22 be <br /> approved as submitted. Motion carried unanimously. <br /> . 1987 Insurance ProRram for Vi1laRe <br /> Hite explained that the LCMIT insurance program was originated three years ago <br /> to write insurance for municipalities; it is a gathering of municipalities who <br /> have formed their own insurance company, partially because the private carriers <br /> were refusing to write insurance for municipalities, and also as a cost-saving <br /> measure for municipalities. <br /> About six years ago an insurance consultant was employed to advise on and set <br /> up an insurance program for Arden Hills. The list of property and equipment is <br /> updated yearly by Village administrators. The increase in net value of Village <br /> property and equipment from 1986 to 1987 was 8%. <br /> Hite had expected rates for Arden Hills to decrease this year, since there was <br /> no longer a need for a contribution to the LCMIT "pool" and claims were as a <br /> whole were down, but costs for re-insurance (LCMIT re-insures most of its <br /> policies with larger firms) were higher. The rates with LCMIT seems to be <br /> about comparable with private carriers. About 90% of the municipalities in the <br /> state insure under the LCMIT plan. <br /> Arden Hills has a history of very few claims. LCMIT's policy at this time is <br /> to not lower rates for a low claim history; however, they would be raised with <br /> higher claims. <br /> Page 2 of these minutes outlines the proposed 1987 insurance program for Arden <br /> Hills, and incorporates the committee's recommendations. The 1985 comparison <br /> figures are prior to Arden Hills' insuring with LCHIT. <br /> . <br /> - -,., <br />