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MEMORANDUM <br />Date March 13, 2014 <br />To City Council <br />From: Tom Kelly, Treasurer <br />Re: 2014 — 2015 LMCIT Insurance Package Renewal <br />I have submitted the City's insurance package renewal for the policy period 04-01-14 to 04- <br />01-15 with the League of Minnesota Cities Insurance Trust. <br />The LMCIT has provided binders for the policy period. There is one additional item that must <br />be addressed by the City Council before the LMCIT will finalize the policies. Minnesota <br />Statutes provide for monetary limits on municipal tort liability at $500,000 per occurrence and <br />$1,500,000 in aggregate. Cities do have the option to waive these statutory limits if they are <br />willing to either carry umbrella policies or have another means to cover anything over the <br />limits. <br />It has been the past practice, based on policy history, to NOT WAIVE the monetary limits <br />provided under the statutes however I have not been able to locate where the City Council <br />actually discussed and voted on whether to waive or not waive the limits. The LMCIT has <br />asked that I provide a date of the City Council meeting where the Council actually approved <br />to waive or not to waive and submit the Liability Coverage Waiver Form (a copy is attached <br />for your reference). <br />At this time Council is being requested to make a motion to NOT WAIVE the monetary limits <br />on municipal tort liability; and to authorize the Treasurer to submit the Liability Coverage <br />Waiver Form indicating the Council's desire to NOT WAIVE the limits. <br />j <br />