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CITY COUNCIL WORK SESSION <br /> <br />Topic Report: Property/Casualty/Workers Compensation Insurance Update <br /> <br />By: Heidi A. Nelson, Asst. City Administrafi6n/.~ :(~i-~ , ~ - ..... <br /> <br />Background: <br /> <br />Each year the City renews its insurance policies for property/casualty and workers compensation <br />coverage through the League of Mirmesota Cities Insurance Trust. During the most recent renewal <br />process, T.C. Field solicited premium rates based upon increased deductibles for property/casualty <br />claims. Based upon the premiums for increased deductible options, City and T.C. Field staffdoes <br />not recommend electing a higher deductible option at this time. Staffhas asked Mark Lenz ofT. C. <br />Field, the City's agent of record for property/casualty and workers compensation insurance, to <br />attend this evening's work session to update the Council regarding the current policy renewal, <br />City's recent claims experience, rates, and trends in insurance. <br /> <br />For Council reference, the City's insurance coverage through the LMC-IT is continuous fi.om year <br />to ycar; liowever the City has 60 days after the renewal date to elect changes to the policy. The <br />rcncwal premium breakdown, comparison, and binder are attached for Council review. <br /> <br />Action Statement: <br /> <br />Staff is seeking direction regarding the renewal of the City's property/casualty and workers <br />compensation insurance policies. Staff will prepare a case for the February 24th Council meeting <br />for formal Council action based upon the discussion during work session. <br /> <br /> <br />