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10 Minutes <br /> <br />RENEWAL OF 1987/1988 INSURANCE COVERAGE <br /> By: Noel Graczyk, Finance Officer <br /> <br />Case ~: ADDITION <br /> <br />Background: <br /> <br />Each year all lines of insurance coverage for the City renew as of October 1. <br />Conway Olson of T.C. Field & Company is the City's insurance agent of record <br />and acts as a broker to secure insurance coverage and provided risk management <br />support services for the City. Conway bas obtained quotes for coverage for the <br />1987/1988 coverage year and will be available at the meeting to review these. <br />Enclosed are the materials outlining the coverage and a summary of the <br />premiums. <br /> <br />I have discussed with Mike Hadtrath of Hadtrath & Associates, Inc. the City's <br />insurance coverage and the use of a contracted agent of recorded for risk <br />management services. Mike Hadtrath has indicated his desire to service the <br />City's insurance needs. Enclosed are correspondance from Mike indicating his <br />qualafications. <br /> <br />City files indicate that the City last bid its insurance needs in 1984 for <br />policy year 1984/1985. The City in it's bid process did not outline all risk <br />management services to be provided nor was an agreement executed outlining the <br />services to be provided in the following areas: <br /> <br />Lines of Coverage <br />Define Agent Role <br />Exposure Surveys <br />Obtain Underwriter Quotes <br />Negotiate Quotes <br />Review Loss Reserves <br />Claims Management <br /> <br />Term Length of Agreement <br />Define Risk Manager Role <br />Property Values and Appraisals <br />Evaluate Quates <br />Maintain Each Policy <br />Loss Control Engineering <br />Compensation Methods <br /> <br /> <br />