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MEMORANDUM <br />Date: December 22, 2022 <br />To: City Council <br />From; Tom Kelly., Finance Officer <br />Re:. LMC1T Liability Coverage — Waiver Form <br />The City is currently in the renewal process of its property and liability insurance <br />package with the League of Minnesota. Cities Insurance Trust (1.MCIT). As part of this. <br />renewal process the City must decide if it wishes to waive or not waive the statutory tort. <br />limits. <br />.If the City DOES NOT WAIVE the monetary limits on municipal tort liability then an <br />individual %clairnant.could not recover more than $500,000 and the total which all <br />claimants could recover would be limited. to $1,5001000. These l'irnits would be on only <br />those claims which the statutory tort limits apply, <br />If the City WAIVES .the.:monetary limits it would then be. subject. to up to $2,000,000 on <br />an individual claimant but the total for all claimants would still be limited to.$2,000,000 <br />regardless of the number of claimant. <br />The City currently carries $1,500,000. in liability cove rag from the I_MCIT.. The City <br />does not currently purchase excess liability insurance at this time. <br />Staff recommends the City Council approval to. select DOES NOT WAIVE the monetary <br />limits on municipal tart liability as established by Minnesota Statutes 466.04 on the <br />renewel.application with the LMCIT. <br />