CC 01-25-1971 - Laserfiche WebLink

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:,j' , 1 Mr. R. M. O'Kelly, 'Chairman :~ . The above premiums contemplate: 1. "All Risk" coverage on fixed properties and'contents in a blanket a~reed anount o~ 8518,000. subject to a deductible of $100. per loss. 2. Comprehensive General Liability with a combined si~gle limit of liability of $300,000. each occurrence for Bodily Injury and Property Damage. Personal Injury liability is included. 3. Comprehensive Automobile Liability with a combined single limit of liability of 9)00,000. for Bodily Injury and Property Damage. 4.Automooile Physical Damage - Comprehensi' coverage on all cars and $100, deductible collieion coverage on all vehicles valued over $1,000. ~. "All Riek" floaters on miecellaneoue equipment eubject to e deductible of $100. per loss. 6. "All Risk" coverage on Valuable Papers and Records at the Vil18ge Hall in the amount of $,,000. 7. Extra Expense at the Village Hall in the amount. of 87,500. 8. Fidelity anG Faithful Performance Bond in the amount of $,0,000. 9. Depositor'6 Forgery coverage in the amount of $50,000. In addition to the coverages shown above thespecifioations also requested auotatione for Umbrella Liability and Workmen's Compensation Only one proposal for Umbrella Liability was reoeived, that from Pr~poser No.4. The annual premium (1Uote<L1J;Lta0.5. for a policy with a ~l,OOO,OOO. limit of liability and a retention of 810,000. for uninsured perils. With respect to Workmen's Compensation all proposers quoteG essentiall the same estimated annual premium. This is to be expected in that the rates are set by the Minnesota COffigensation Rating Bureau. The various proposalS are set out on Schsdule A attached. It will be noted that the estimsted annual premium oan be modified by the application of different types of premium return plane. Baeed on the proposalS submitted it is our recommendation that the award of the Umbrella Liability coverage De made to Proposer No.5 with the request that he attempt to improve the premium in that the aotual primary liability premiums are now known. It is our further reoommendation that the remainder of the coverages be awarded to Proposer No.4. This includes the Workmen's Compensation. Further, our time preparatory to Ber.dir.~ ovt the insurance proposal forms was not sufficient to aocomplish two things which we feel should be done: 1. ~ecure replacement cost values of fixed properties to determine the advisability of insurin~ far the cost to replace r~ther than the depreoiated value. . 2. Have a competent boiler in8~~nnce engineer survey all machinery, heating units and t~e like t~ ~e:ermine if theBe items ohould be insured against breakdown. YO~1~9 ~rt;ly. Cu~pa3S Agency, Inc. //~A:J(] ;;r;: .' \'''-' V(. ~"-L/ .....,. H.