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FC CASE <br /> <br />RENEWAL OF AGREEMENT WITH T.C. FIELDS AS AGENT OF RECORD AND <br />RATE INCREASE PROPOSAL FOR T.C. FIELD & COMPANY, <br /> CITY'S INSURANCE SERVICE AGENT COMPANY <br /> <br />Diana Lund, Finance Officer <br /> <br />Background: T.C. Fields & Company acts as the City of Ramsey's agent of record and assists <br />the City in securing comprehensive municipal property and casualty coverage through the <br />League of Minnesota Cities Insurance Trust. As such, the City renews its insurance service <br />agreement with T.C. Fields on an annual basis. <br /> <br />On October 11, 2001, the Assistant City Administrator met with Mark Lenz, the agent of record <br />to review the City's present coverage and anticipated future needs. Mr. Lenz also advised that <br />the City needed to renew its insurance agent service agreement with T.C. Fields for the year 2002 <br />and requested an increase in their fee. Currently, the almual fee is $3,500 and increasing the fee <br />8.5% would be approximately $3,800 for 2002. T.C. Fields received a 9% increase in 2000 for <br />the year 2001. <br /> <br />Committee Action: Recommend renewal' iSf the agreement with T.C. Fields as agent of record <br />and approve the rate increase proposal for T.C. Field. <br /> <br />Council Action: Motion to approve Committee recommendation to renew the agreement with <br />T.C. Fields as agent of record and approve the rate increase proposal for T.C. Field. <br /> <br />Reviewed by: <br />City Administrator <br /> <br />Copies also Distributed to: <br />City Administrator <br />Finance Officer <br /> <br />Attachments: <br />1. Copy of Insurance Service Agreement from 2000-2001. The agreement for 2002 will be essentially the <br />same unless Council approves rate increase to $3,800. <br /> <br />FC: 10/23/01 <br /> <br /> <br />