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INSURANCE AGENT OF RECORD FOR By: Jessie Hart, Finance Officer Background: On December 14, 1995, the current Insurance Service Agreement with Agent of Record Michael Hadtrath and the City of Ramsey will expire. The upcoming term of service would begin December 15, 1995, and continue and remain in effect for a period of one year, unless it is terminated prior to December 14, 1996, by either party, giving the other ninety days prior written notice of termination. Michael Hadtrath of Corporate 4 Agency, Inc. (formerly Hadtrath & Associates Inc.), has been the Agent of Record for Ramsey since December 15, 1988. As the cost of insurance has increased significantly in the last several years, it is imperative that our Agent of Record and Staff work together to minimize risk and reduce overall insurance costs. By definition, risk management is the method for dealing with risks to which an organization is exposed by identifying all exposures and creating programs to handle them. Mr. Hadtrath has successfully worked with Staff to minimize the City's risk exposure. Mr. Hadtrath has indicated that he will perform the professional services rendered as Insurance Agent of Record for the period of December 15, 1995 to December 14, 1996, for a fee of $2,200.00, the same amount as the current year's agreement. Recommendation: Staff recommends that the City Council appoint Corporate 4 Agency Inc. as the Agent of Record for 1996, effective December 15, 1995 through December 14, 1996, and authorize Mr. Hadtrath to begin the bidding process for all 1996 insurance coverages. Council Action: Motion to appoint Corporate 4 Agency, Inc. as the 1996 Agent of Record and authorize the Mayor and City Administrator to enter into a contract for these services; - and - Motion to authorize Mr. Hadtrath to begin the bidding process for all 1996 insurance coverages. Review Checklist: City Administrator Finance Officer FC: 10/24/95