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MEMORANDUM <br /> <br />Date: December 17, 2024 <br /> <br />To: City Council <br /> <br />From: Tom Kelly, Finance Officer <br /> <br />Re: LMCIT Liability Coverage – Waiver Form <br /> <br />The City is currently in the renewal process of its property and liability insurance package with <br />the League of Minnesota Cities Insurance Trust (LMCIT). As part of this renewal process the <br />City must decide if it wishes to waive or not waive the statutory tort limits. <br /> <br />If the City DOES NOT WAIVE the monetary limits on municipal tort liability, then an <br />individual claimant could not recover more than $500,000 and the total which all claimants could <br />recover would be limited to $1,500,000. These limits would be on only those claims which the <br />statutory tort limits apply. <br /> <br />If the City WAIVES the monetary limits, it would then be subject to up to $2,000,000 on an <br />individual claimant but the total for all claimants would still be limited to $2,000,000 regardless <br />of the number of claimants. <br /> <br />The City currently carries $1,500,000 in liability coverage from the LMCIT. The City does not <br />currently purchase excess liability insurance at this time. <br /> <br />Staff recommends the City Council approval to select DOES NOT WAIVE the monetary limits <br />on municipal tort liability as established by Minnesota Statutes 466.04 on the renewal application <br />with the LMCIT.