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MEMORANDUM <br />Date; July 1, 2021 <br />TO: City Council <br />From: Tom Kelly, Finance Officer <br />Re: LMCIT 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 [LMC]T). 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 claimant could not. recover more than $500,000 and the total.which a1I <br />claimants could recover would be limited to $1,500,000. These limitswould 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 taut 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 coverage from the LMCIT. The City <br />does not currentlypurchase excess liability insurance at this time. <br />Staff recommends the City Council approval to select DOES NOT WAIVE the monetary <br />limits on municipal tort liability as established by Minnesota Statutes 466.04 on the <br />renewal application with the LMCIT. <br />