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AGENT OF RECORD FOR 1993 By: Sandra Ashley Helling, Finance Officer and Kay McAIoney, Personnel Coordinator Case #6 Background: On December 14, 1992 the current Insurance Service Agreement with Agent of Record Michael Hadtrath and the City of Ramsey expired. The upcoming term of service would begin December 15, 1992 and continue and remain in effect for a period of one year, unless it is terminated prior to December 14, 1993 by either party giving the other ninety days prior written notice of termination. Michael I-tadtrath, of Hadtrath & Associates Inc., has been the Agent of Record for Ramsey since December 15, 1988. As the cost of insurance has increased significantly in the last several years, it is imperative that our Agent of Record and Staff work together to minimize risk and reduce overall insurance costs. By definition, risk management is the method for dealing with risks to which an organization is exposed by identifying all exposures and creating programs to handle them. During 1992, Mr. Hadtrath and Staff successfully worked together to improve our information flow and general communication. Due to the nature of professional services, the City's selection for insurance Agent of Record need not be based solely on the low bid. The City of Ramsey has received a bill for the 1993 insurance year from Mr. Hadtrath in the amount of $2,200.00 Attachments: Survey from TUG members on Insurance Agent of Record and annual fee. Agent of Record's Insurance Service Agreement. Recommendation: Staff recommends that the City of Ramsey approve Hadtrath and Associates, Inc. as the Agent of Record for 1993, effective December 15, 1992 through December 14, 1993. Committee Action: To approve/not approve Had~zath and Associates, Inc. as the 1993 Agent of Record. Review Checklist: City Adrninis~rator Finance Officer Personnel Coordinator FC:3/23/93