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INSURANCE SERVICE AGREEMENT This agreement made, between the City of Ramsey, herein after referred to as City, and Hadtrath and Associates, hereinafter referred to as Hadtrath, City agrees to engage the sen, ices 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 collecdvely as "Insurance", subject to the following items and conditions: Term of Agreement This agreement shall take effect on December 15, 1993 and shall continue and remain in effect for a period of one (1) year, unless it is terminated prior to December 14, 1994 by either part), giving the other ninety (90) days prior written notice of termination. II. Agency Representation It is agreed that, with respect to all services to be preformed under this a~eement, Hadtrath shall at all times and in ail circumstances be the Insurance representative of City and shall use its best efforts to ascertain and understand the risks and the Insurance needs of City and, in all such matters, to act as though 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 City unless use of another agent or broker is authorized by the Client. Hadtrath shall be under the duty to fully disclose to personnel author/zed by City any and all commission, 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. 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. Services Hadtrath agrees to perform during the period of this agreement, in a competent and professional manner, the following services for the anticipated or maximum compensation specified in Article tV of this agreement. Exposure Survey: Establish a procedure for evaluating all exposures to insurable losses which are involved in the operations of City and provide an exposure list, updated annually. Pa~,'ticular attention shall be paid to those exposures that could result in a catastrophic loss. Work with 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, and alternative insurance underwriters and rating plans which minimize the present, after-tax value of cash outflow.