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HRA Regular Session 5. 1. <br />Meeting Date: 12/13/2011 <br />By: Diana Lund, Finance <br />Title: <br />Consider Waiving/Not Waiving Statutory Tort Limits <br />Background: <br />The City of Ramsey annually renews its property, casualty and liability insurance coverage with the League of <br />Minnesota Cities. As part of this renewal process, the HRA is required to pass a resolution waiving or not waiving <br />the statutory tort limits for its liability coverage. A form is required to be filed for the City and HRA. <br />Attached is the Liability Coverage Waiver Form that is required to be signed after HRA approval of a resolution <br />indicating whether the City chooses to waive or not waive the statutory tort limits. If the HRA were to waive the <br />statutory limits, additional insurance would need to be purchased by the City to cover the increased liability. This <br />increased liability has not currently been budgeted for, nor has the City waived the tort limits in the past. <br />If the HRA was to consider waiving the tort limits and purchasing additional insurance coverage, staff would <br />request rates for the increased coverage for 2011 and bring them back for consideration at a future regularly <br />scheduled meet of the HRA along with budget considerations. <br />Recommendation: <br />Staff recommends that the HRA adopt the resolution not waiving the Statutory Tort Limits for Liability Coverage. <br />MN state liability limits are $500,000/$1,500,000. <br />Funding Source: <br />N/A <br />Council Action: <br />Adopt Resolution #HRA-11-12-XXX Not Waiving the Statutory Tort Limits for League of Minnesota Cities <br />Insurance Trust Liability Coverage for the City of Ramsey. <br />Attachments <br />Tort Limits <br />Liability Waiver Form <br />Form Review <br />Inbox Reviewed By Date <br />Heidi Nelson Heidi Nelson 12/08/2011 01:40 PM <br />Form Started By: Diana Lund Started On: 12/05/2011 07:51 AM <br />Final Approval Date: 12/08/2011 <br />