Agenda - Council - 01/11/2011 - Laserfiche WebLink

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CC Regular Session Date: 01/11/2011 By: Diana Lund Finance MN state liability limits are $500,000/$1,500,000. Resolution Not Waiving Tort Limits LMCIT Liability Coverage Waiver Form Information Attachments Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 01/06/2011 09:16 AM Form Started By: Diana Lund Started On: 01/05/2011 11:20 AM Final Approval Date: 01/06/2011 Item #: 5.21. Title: League of Minnesota Cities Insurance Trust (LMCIT) Liability Coverage Waiver Form - Consider Waiving/Not Waiving Statutory Tort Limits Background: The City of Ramsey annually renews its property, casualty and liability insurance coverage with the League of Minnesota Cities. As part of this renewal process, the City Council is required to pass a resolution waiving or not waiving the statutory tort limits for its liability coverage. A form is required to be filed for the City and HRA. Attached is the Liability Coverage Waivers Form that is required to be signed after council approval of a resolution indicating whether the city chooses to waive or not waive the statutory tort limits. If Council were to waive the statutory limits, additional insurance would need to be purchased by the city to cover the increased liability. This increased liability has not currently been budgeted for, nor has the city waived the tort limits in the past. If council was to consider waiving the tort limits and purchasing additional insurance coverage, staff would request rates for the increased coverage for 2011 and bring them back for consideration at a future regularly scheduled meeting of council along with budget considerations. Recommendation: Staff recomemends that Council adopt Resolution #11 -01 -XXX Not Waiving the Statutory Tort Limits for Liability Coverage. Council Action: Adopt Resolution #11 -01 -XXX Not Waiving the Statutory Tort Limits for League of Minnesota Cities Insurance Trust Liability Coverage for the City of Ramsey.