2008 06-17 CCP - Laserfiche WebLink

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MEMORANDUM Date: May 20, 2008 To: Gem Lake Mayor and City Council From: Jessie Hart, Treasurer Re: 2008 — 2009 LMCIT Insurance Package Renewal I have been working with the B111 Blake, the City's Insurance Agent of Record, on the insurance package renewal for the policy period 04-01-08 to 04-01-09. We have submitted the renewal application with the League of Minnesota Cities Insurance Trust, There are two changes from the previous policy period: the addition of Heritage Hall and the inclusion of no fault sewer back-up coverage. Please note that Heritage Hall HAS BEEN covered since the day that the City took possession, even though it was before the renewal. We have received binders for the policy period_ There is one additional item that must be addressed by the City Council before the LMCIT will finalize the policies. Minnesota Statutes provides for monetary limits on municipal tort liability at $400,000 per individual claimant and $1,200,000 in aggregate per occurrence_ Cities do have the option to waive these statutory limits if they are willing to either carry excess liability policies. Waiving could expose the City to the higher limits of the excess liability policy_ It has been the past practice, based on policy history, to NOT WAIVE the monetary limits provided under the statutes, however I have not been able to locate where the City Council actually discussed and voted on whether to waive or not waive the limits_ The LMCIT has asked that I provide a date of the City Council meeting where the Council actually approved to waive or not to waive .and submit the Liability Coverage Waiver Form (a copy is attached. for your reference) to them before they will finalize the policies. At this time Council is being requested to make a motion to NOT WAIVE the monetary limits on municipal tort liability; and to authorize the Treasurer to complete the Liability Coverage Waiver Form indicating the Council's desire to NOT WAIVE the limits and submit to the LMCIT accordingly.