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CC Regular Session 4. 3. <br />Meeting Date: 01/08/2013 <br />By: Diana Lund, Finance <br />Information <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 City Council is required to pass a resolution waiving or not <br />waiving 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 City Council approval of a <br />resolution indicating whether the City chooses to waive or not waive the statutory tort limits. If the City Council <br />were to waive the statutory limits, additional insurance would need to be purchased by the City to cover the <br />increased liability. This increased liability has not currently been budgeted for, nor has the City waived the tort <br />limits in the past . <br />If the City Council was to consider waiving the tort limits and/or purchasing additional insurance coverage, staff <br />would request rates for the increased coverage for 2013 and bring them back for consideration at a future regularly <br />scheduled meeting of the City Council along with budget considerations. <br />Recommendation: <br />Staff recommends that the City Council adopt the resolution not waiving the Statutory Tort Limits for liability <br />coverage. <br />MN State Liability limits are $500,000/$1,500,000. <br />Funding Source: <br />Amounts attributed to not -waiving the statutory tort limits was included in the 2013 General Fund Budget. <br />Council Action: <br />Adopt Resolution #13-01-XXX Not Waiving the Statutory Tort Limits for League of Minnesota Cities Insurance <br />Trust Liability Coverage for the City of Ramsey. <br />Attachments <br />Waiver Form <br />LMC Memo re: Liability Coverage Options <br />Resolution #13-01-006 Non -Waiver of Tort Limits <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Diana Lund 12/31/2012 01:39 PM <br />Diana Lund Diana Lund 12/31/2012 01:58 PM <br />Kurt Ulrich Kurt Ulrich 01/02/2013 03:40 PM <br />Form Started By: Diana Lund Started On: 12/06/2012 02:21 PM <br />Final Approval Date: 01/02/2013 <br />