Agenda - Council - 01/27/2009 - Laserfiche WebLink

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TERM This agreement will be in effect for the AGREEMENT Insurance Agency Services This agreement made and entered into this day of , 200/, by and between T. C. Field & Company, a Minnesota Corporation, hereinafter called the Agent, and the City of Ramsey, a Minnesota Municipal Corporation, hereinafter called the City. The City hereby engages the services of the Agent as its insurance servicing agent of record with respect to all insurance of the City within the scope of insurance and bond policies /coverages, including but not limited to fire, general liability, casualty, public official and law enforcement liability, marine, fidelity and surety bonds and other miscellaneous coverages as may be required by the City but will 'not include employee fringe benefits such as health, life, dental, disability insurance, or pensions. In consideration of the following covenants and agreements, it is mutually agreed by . and between the parties hereto as follows: ■ Said compensation shall be payable upon execution of the contract. I toot r Zecrafriaee3i , 200 , for the insurance coverage policy year of January 1 to December 31st. COMPENSATION The term "Total Compensation" as used in this agreement shall mean and be the sum of: ■ All compensation received by the Agent from any insurance underwriter for the placement of property casualty insurance required or obtained by the City except workers compensation. Workers compensation will be on a standard commission basis. ■ All compensation or reimbursement received by the Agent from the City pursuant to the provisions of this agreement. It is also hereby agreed and understood: ■ The fee for agent services is in addition to the premiums charged. • The premiums charged do not include commission to the Agent, except workers compensation. The City hereby directs the League of Minnesota Cities Insurance Trust (L.M.C.I.T.) not to include any allowance for an agent's fee in quoting and billing the City's premium for property, liability and automotive coverage. C; \Documents and Settings \IenzlLocal Settings\Temporary Internet Files\OLK301Fee Agreement City of Ramsey 2008 (3).doc —175—