2010 02-23 CCP - Laserfiche WebLink

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MEMORANDUM Date: February 23, 2010 To: City Council From: Jessie Hart, Treasurer Re: 2010 — 2011 LMCIT Insurance Package Renewal I have been working with the Bill Blake, the City's Insurance Agent of Record on the insurance package renewal for the policy period 04-01-10 to 04-01-11. We have submitted the renewal application with the League of Minnesota Cities Insurance Trust. 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 provide for monetary limits on municipal tort liability at $500,000 per occurrence and $1,500,000 in aggregate. Cities do have the option to waive these statutory limits if they are willing to either carry umbrella policies or have another means to cover anything over the limits. 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). 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.