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4. Provide information on relevant changes in the insurance market, with <br /> recommendations for upgrading the existing insurance program if necessary. <br />5. Assist in developing comprehensive insurance coverages. <br />6. Provide an insurance policy inventory and a cumulative five year premium and loss <br /> summary. <br />7. Provide a complete accounting of all compensations earned (direct or contingent) on <br /> this account. <br />8. Provide a loss exposure list with appropriate classifications, updated annually. <br />9. Assist in claims control and loss adjustment. <br /> 10. Assist in minimizing premiums, by reviewing and auditing rate schedules and <br /> formulas, and reviewing claims reserves semi-annually before unit loss reports are <br /> filed. <br /> 11. Assist in loss preventions engineering and loss control programs. <br /> 12. File updated property values annually with insurer (and elsewhere if necessary) to <br /> waive the applications of co-insurance. <br /> 13. Provide written confirmation and follow-up on all communications with the insured <br /> and insurers. <br /> 14. Adjust coverages and premiums as exposure changes are reported by the insured. <br /> 15. Provide estimates of future premiums for budget proposals 60 days prior to renewal. <br /> 16. Review lease agreements and contracts. <br /> <br />IV. Total Compensation <br /> <br />Amount <br />The total compensation of Hadtrath for services performed under this agreement for the <br />fzrst year shall be $2,100; the second year shall be $2,200, and the third year shall be <br />$2,300. <br /> <br />Definition <br />"Total Compensation" for the purpose of this agreement shall'be deemed to be those <br />amounts listed in Article IV, Section A, of this agreement less: all compensation received <br />by Hadtrath from any Insurance Underwriter for Insurance required by City including <br />both direct and contingent commissions. <br /> <br />If permitted by Insurance companies, only net premium charges shall be made in every <br />Insurance placement h-respective of the level of compensation incurred. <br /> <br />Excess <br />If payments received by Hadtrath exceed the total compensation, City shall request <br />Hadtrath to perform additional Risk Management services, other than the placement of <br />Insurance, equal in value to such excess. If, however, City does not request such <br />additional serVices, then Hadtrath shall remit such excess to City, and this total <br />compensation provision is hereby incorporated in any Insurance placed by Hadtrath on <br />behalf of City. <br /> <br />Invoice <br />For the service specifie~, Hadtrath shall be entitled to total compensation as specified <br />above <br /> and <br /> as <br /> <br /> /, <br /> <br /> <br />