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

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INSURANCE SERVICE AGREEMENT This agreement made, between the City of Ramsey, herein after referred to as City, and Corporate 4 Insurance Agency, Inc., hereinafter referred to as Agent, City agrees to engage the services of Agent: as Insurance Servicing Agent of Record with respect to all Insurance of City within the scope of Professional Liability, Fire, Worker's Compensation, Casualty and marine Insurance, and Fidelity and Surety Bonds, hereinafter referred to collectively as "Insurance", subject to the following items and conditions: Term of Aereement This agreement shall take effect on December 15, 1994 and shall continue and remain in effect for a period of one (1) year, unless it is terminated prior to December 14, 1995 by either party giving the other ninety (90) days prior written notice of termination. II. Agency Re~resentatio~l It is agreed that, with respect to all services to be preformed under this agreement, Agent shall at all times and in all circumstances be the Insurance representative of City and shall use its best efforts to ascertain and understand the risks and the Insurance needs of City and, in all such maners, to act as though City's interest were its own. Agent shall also act in the capacity of Insurance Broker or Insurance Agent to negotiate, place, service and receive commission (if any) on all or any part of the Insurance purchased by City unless use of another agent or broker is authorized by the Client. Agent shall be under the duty to fully disclose to personnel authorized by City an5, and ail commission, received or payable, and any possible conflict of interest relating to Agent's representation of any Insurance underwriter with which Insurance is to be placed. City understands that Agent shall act in the dual capacity of Risk Management Advisor and Insurance Agent. It is further agreed that the total compensation of Agent as provided in Article IV hereof, shall not be affected by such dual capacity. III. Services Agent agrees to perform during the period of this agreement, in a competent and professional manner, the following services for the anticipated or maximum compensation specified in Article IV of this agreement. Exposure Survey: Establish a procedure for evaluating all exposures to insurable losses which are involved in the operations of City and provide an exposure list, updated annually. Particular attention shall be paid to those exposures that could result in a catastrophic loss. Work with City's staff and advisors to explore alternative means of dealing with loss exposures, such as an elimination or reduction of risk, complete or partial reduction of risk through deductibles or self-insurance schemes, and alternative insurance underwriters and rating.plans which n~inimize the present, after-tax value of cash outflow.