Agenda - Council - 10/27/1981 - Laserfiche WebLink

Home

ANOKA COUNTY AGENCY, INC. d/b/a INSURANCE SERVICE CENTER (612) 755-2300 2601 COON RAPIDS BOULEVARD COON RAPIDS, MINNESOTA 55433 October 26, 1981 I I I I Mr. Lloyd G. Schnelle City Administrator City of R~nsey 15] 53 New,;hen Boulevard N. W. R~sey, NJr~nesota 55303 RE: Property/Casualty Insurance Program Dear I,loyd: Attached are the final figures from the Home Insurance Company on the breakdown of the insurance costs for the period from 9-19-81 to 9-19-82. The cost figures reflect the renewal of the existing policieswith increases for building and contents in line with the current inflation rate. We have also listed the vehicles in the fleet. 'In addition, the ~ayroll for workers' compen- sation has been increased lfF~ to reflect payroll increases due to inflation. We are also including at this time the Public Official Liability, which is the protection to the City Council and administrators to cover them for the liability they can and could incur from the decision making process. For example, the City Council members could be sued over such things as zoning of property which would effect its' value, decision making and selection of budgets and other items of this type for which there is no bodily injury or property damage loss, but there is an economic loss for the result of a decision. Because of the law suit consiousness of the public, the Public Official Liability coverage is something that is absolutely necessary for anyone in public office to make sure that this type of coverage is in force so that they personally cannot be involved in a costly law suit, even if it is only for legal defense, over a decision they make as part o£ a governing body. Of course, this coverage would also extend to the administrators, ~.' such as administrator and building inspector. I I I I Before we renewed the policies this year, we did the same' thing that we did in the past year. That is, we checked with the program that is available through the League of Cities in St. Paul, through their underwriters at Nordstrom Risk Group as well as the Worker Compensation Program at the Employee Benefit Admin- istration Company in Minneapolis. We found that in reviewing their particular program, their rates would be com- petitive to what the Home Insurance Company is charging. The problem is that the Home is paying a current dividend of 31% on the earned premiums for 1980. Since we are late in 1981 in discussing the dividend for the year 1981, they inform us that the dividend will be around the ssme dividend that they are currently paying at 31~