Agenda - Council - 11/07/1994 - Laserfiche WebLink

Home

CASE # INSURANCE AGENT OF RECORD FOR 1995 By: Jessie Hart, Finance Officer Background: [ On December 14, 1994, the current Insurance Service Agreement with Agent of Record Michael Hadt~'ath and the City of Ramsey will expire. The upcoming term of service would begin December 15, 1994, and continue and remain in effect for a period of one year, unless it is ter~minated prior to December 14, 1995, by either party, giving the other ninety days prior wr'~tten notice of termination. Michael Hadtrath of Corporate 4 Agency, Inc. (formerly Ha~trath & Associates lnc.), 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 Agerh 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 orgi, nization is exposed by identifying all exposures and creating progra,ms to handle them. ~Ar. Hadtrath has successfully worked with Staff to minimize the City s risk exposure. Mr. Hadrrath ihas indicated that he will perform the professional services rendered as insurance Agegt of Record for the period of December 15, 1994 to December 14, 1995, for a fee of $2,20¢.00, the same amount as the current year's agreement. Recommendation: Staff recomm{inds that the City Council appoint Corporate 4 Agency Inc. as the Agent of Record for 1945, effective December 15, 1994 through December ~4, 1995, and authorize Mr. Hadrrath tp beg~n the b~dd~ng process for all 1995 insurance coverages. Council Act!on: Motion to app@int Corporate 4 Agency, Inc. as the 1995 Agent of Record and authorize the Mayor and Ci~ Administrator to enter into a contract for these services; Motion to authorize Mr. Hadtrath to begin the bidding process for all 1995 insurance coverages. : Review Chegklist: City Administrator Finance Office~; Administrative iS ervices Manager CC: 11/7/94