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2007-01-10 CC
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2007-01-10 CC
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<br /> <br />LMC <br /> <br />League of Minnesota Cities <br />Insurance Trust <br />145 University Avenue West, st. Paul, MN 55103-2044 <br />(651) 281-1200 . (800) 925-1122 <br />Fax: (651) 281-1298 . TDD: (651) 281-1290 <br />www.lmnc.org <br /> <br />L-g_ of Mm_ota Cmu <br />Citiu promoting ...-JIlin/>> <br /> <br />November 29, 2006 <br /> <br />To: LMCIT members and agents <br /> <br />From: LMCIT <br /> <br />Re: Coverage changes for 2006-2007 <br /> <br />Here's a summary of coverage changes cities will see for the coming year. These changes will <br />affect property/casualty coverage written or renewed on or after November 15, 2006. <br /> <br />Bond coverage <br /> <br />Faithful performance coverage. All bond coverage will now be written as blanket faithful <br />performance coverage. LMCIT will no longer offer the option of fidelity-only coverage, or <br />fidelity coverage with faithful performance coverage on specific positions, which very few cities <br />used. Like fidelity coverage, faithful performance coverage protects the city for losses from <br />employee dishonesty. Unlike fidelity coverage, faithful performance coverage also covers other <br />types oflosses to the city that are caused by an employee's malfeasance, willful neglect of duty <br />or bad faith. <br /> <br />Audit and accounting costs. The bond coverage will now include coverage for audit and <br />accounting costs the city incurs in connection with a bond loss, up to an amount equal to 25% of <br />the city's actual loss. <br /> <br />Property coverage <br /> <br />Terrorism losses. LMCIT currently gives the city a maximum of $1 million per year of coverage <br />for property damage caused by terrorism. For the coming year, that limit will increase to $5 <br />million annually. However, the $1 million annual limit will still apply to damages caused by <br />chemical or biological contamination or by cyber-terrorism. (Note that the LMCIT property <br />coverage excludes coverage for any nuclear contamination, regardless of the cause.) <br /> <br />Vacant buildings. For several years, LMCIT has limited coverage for damage to any vacant <br />building to an amount equal to the market value of the building. The coverage language is <br />revised to clarify that coverage for costs such as demolition, debris removal, and pollutant <br />cleanup are within, and not in addition to, that limit. <br /> <br />Extraordinary expense coverage. LMCIT's unique "extraordinary expense" coverage is <br />designed to assist cities who are hit with a cash flow problem because of necessary but <br />unanticipated expenses the city has incurred in order to protect the public health and safety or to <br /> <br />AN EQUAL OPPORTUNITY/AFFIRMATIVE ACTION EMPLOYER <br />
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