Agenda - Council - 10/23/2001 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I FC CASE # I RENEWAL OF AGREEMENT WITH T.C. FIELDS AS AGENT OF RECORD AND RATE INCREASE PROPOSAL FOR T.C. FIELD & COMPANY, CITY'S INSURANCE SERVICE AGENT COMPANY Diana Lund, Finance Officer Background: T.C. Fields & Company acts as the City of Ramsey's agent of record and assists the City in securing comprehensive municipal property and casualty coverage through the League of Minnesota Cities Insurance Trust. As such, the City renews its insurance service agreement with T.C. Fields on an annual basis. On October 11,2001, the Assistant City .Administrator met with- Mark Lenz, the agent of record to review the City's present coverage and anticipated future needs. Mr. Lenz also advised that the City needed to renew its insurance agent service agreement.with T.C. Fields for the year 2002 and requested an increase in their fee. Currently, the annual fee is $3,500 and increasing the fee 8.5% would be approximately $3,800 for 2002. T.C. Fields received a 9% increase in 2000 for the year 2001. Committee Action: Recommend renewal' isf the agreement with T.C. Fields as agent of record and approve the rate increase proposal for T.C. Field. Council Action: Motion to approve Committee recommendation to renew the agreement with T.C. Fields as agent of record and approve the rate increase proposal for T.C. Field. ' Reviewed by: Copies also Distributed to: City Administrator City Administrator Attachments: 1. Copy of Insurance Service Agreement from 2000-2001. The agreement for 2002 will be essentially the same unless Council approves rate increas~800.~-- ............ FC: 10/23/01 (~ 0~J ~ ~ ~