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LMC-IT WAIVER FORM-CONSIDER NOT WAIVING THE STATUTORY TORT LIMITS <br /> By: Heidi A. Nelson, Asst. City Administrator <br /> <br />~ackground: <br /> <br />/\s at part el' thc annual renewal of our property, casualty, and liability insurance coverage for the City <br />,~I' l~amscy, thc City Council is required to waive or not waive the statutory tort limits for its liability <br />coverage. Attached to this case is the LMC-ITform that is required to be completed and signed after <br />cmmcil approval o£ a resolution indicating whether the City chooses to waive or not waive the <br />,;tatutory tort limits for liability coverage. If Council were to waive the statutory limits, additional <br />insurance coverage would need to be purchased by the City to cover the increased liability the City is <br />assuming. <br /> <br />~;faff Recommendation: <br /> <br />2~;i afl' rccom mends that Council not waive the statutory tort limits for liability coverage thereby limiting <br />;.tn individual claimant to recover no more than $300,000 on any claim to which the statutory tort limits <br />apply. [ Jndcr state law, the total which all claimants would be able to recover for a single occurrence <br />i_,,) which the statutory tort limits apply would be limited to $1,000,000. <br /> <br />Council Action: <br /> <br />Adopt Resolution 05-11-__ Not Waiving the Statutory Tort Limits for League of Minnesota Cities <br />Insurance 'l'rust Liability Coverage for the City of Ramsey. <br /> <br />I,~cvicwcd by: <br />( ii ty Administrator <br /> <br />1/07/2005 <br /> <br /> <br />