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HRA Regular Session Date: 01/11/2011 By: Jo Thieling Administrative Services Title: Consider Waiving/Not Waiving Statutory Tort Limits Background: The City of Ramsey annually renews its property, casualty and liability insurance coverage with the League of Minnesota Cities. As part of this renewal process, the HRA is required to pass a resolution waiving or not waiving the statutory tort limits for its liability coverage. A form is required to be filed for the City and HRA. Attached is the Liability Coverage Waiver Form that is required to be signed after HRA approval of a resolution indicating whether the City chooses to waive or not waive the statutory tort limits. If the HRA were to waive the statutory limits, additional insurance would need to be purchased by the City to cover the increased liability. This increased liability has not currently been budgeted for, nor has the City waived the tort limits in the past. If the HRA was to consider waiving the tort limits and purchasing additional insurance coverage, staff would request rates for the increased coverage for 2011 and bring them back for consideration at a future regularly scheduled meet of the HRA along with budget considerations. Recommendation: Staff recommends that the HRA adopt the resolution not waiving the Statutory Tort Limits for Liability Coverage. MN state liability limits are $500,000 /$1,500,000. Funding Source: N/A Council Action: Adopt Resolution #HRA- 11- 01 -XXX Not Waiving the Statutory Tort Limits for League of Minnesota Cities Insurance3 rust Liability Coverage for the City of Ramsey. Liability Coverage Waiver Form Resolution Not Waive Tort Limits Information Attachments Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 01/06/2011 12:12 PM Form Started By: Jo Thieling Started On: 01/05/2011 04:03 PM Final Approval Date: 01/06/2011 Item #: 6. 1.