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AGENT OF RECORD'S INSURANCE SERVICE AGREEMENT This agreement made between the City of Ramsey herein after referred to as City, and Hadn-ath and Associates, hereinafter referred to as Hadtrath; City agrees to engage the services of Hadtrath as Insurance Servicing Agent of Record with respect to all Insurance of City within the scope of Professional Liability, Fire, Worker's Compensation, Casualty and Marine Insurance, and Fidelity and Surety Bonds, hereinafter referred to collectively as "Insurance", subject to the following items and concLitions: I. Term of AFeement This agreement shall take effect on December 15, 1992 and shall continue and remain in effect for a period of one (1) year, unless it is terminated prior to December 14, 1993 by either party giving the other ninety (90) days prior written notice of termination. II. Agency Representalion It is agreed that, with respect to all services to be performed under this agreement, Hadtrath shall at ail times and in all circumstances be the Insurance representative of the City and shall use its best efforts to ascertain and understand the risks and the Insurance needs of the City and, in ail such matters, to act as though the City's interest were its own. Hadtrath shall also act in the capacity of Insurance Broker or Insurance Agent to negotiate, place, service and receive commission (if any) on all or any part of the Insurance purchased by the City unless use of another agent or broker is authorized by the Client. Hadrrath shall be under the duty to full>, disclose to personnel authorized by the City any and all commissions, received or payable and any possible conflict of interest relating to Hadtrath's representation of any Insurance underwriter with which Insurance is to be placed. The City understands that Hadtrath shall act in the dual capacity of Risk Management Advisor and Insurance Agent. It is further agreed that the total compensation of Hadtrath as provided in Article IV hereof, shall not be affected by such dual capacity. III. Service~ Hadtrath agrees to perform during the period of this agreement, in a competent and professional manner, the following services for the compensation specified in Article IV of this agreement. A. Exposure Survey: Establish a procedure for evaluating all exposures to insurable losses which are involved in the operations of the City and provide an exposure list, updated annually. Particular attention shall be paid to those exposures that could result in a catastrophic toss. Work with the City's staff and advisors to explore alternative means of dealing with loss exposures, such as an elimination or reduction of risk, complete or partial reduction of risk through deductibles or self-insurance schemes,