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CASE <br /> <br />Minutes <br /> <br /> SELECTION OF INsuRANCE A~ENT OF <br /> RECORD FOK THE CIT~ OF I~RSR¥ <br />By: Dave Hartley, City Administrator <br /> <br /> Background: <br /> The City of Ramsey has asked Mr. Peter Young to assist in the evaluation of <br /> insurance agents to serve as agent of record for the City of Ramsey. The <br /> duties of an agent of record consist of: <br /> <br /> - Preparing insurance coverage specifications; <br /> - Review insurance policies for co~pl£ance with specifications; <br /> - Negotiate and place property-casualty insurance lines; <br /> - Provide information on changes in the insurance market and recommend <br /> necessary or desired changes in coverage; <br /> - Assist in developing comprehensive coverages; <br /> - Provide insurance inventory and cummulatlve five year premium and lose <br /> summary; <br /> - Provide a complete accounting of all compensations earned on this <br /> account; <br /> - Provide loss exposure list with appropriate classiflcations, updated <br /> annually; <br /> - Assist in minimizing premiums; <br /> - Assist in loss prevention engineering and loss control programs; <br /> - File updated property values annually with insurer to waive the <br /> application of co-insurance; <br /> - Provide written confirmation and follow-up on all communications with <br /> the insured and insurers; <br /> - Adjust coverages and premiums as exposure changes are reported by the <br /> City; <br /> - Provide estimates of future premiums for budget proposals 60 prior to <br /> renewal; <br /> - Review lease agreements and contracts. <br /> Enclosed is a sample agreement which specifically identifies these services. <br /> Previous to this time the agent of record would receive his/her pay from a <br /> commission of 10% of the insurance premium, approximately $8,000.00. The <br /> current proposals are structured in a way that the City of Ramsey pays the <br /> agent of record directly and enters into an agreement for services. <br /> sCHe~Uncil should also be aware that Mr. Michael Hadtrath has filed for a Council <br /> at, and if elected, t~is contract may be viewed as a conflict of interest. <br /> ever, Mr. Radtrath $ candidacy alon~ hoes not result in a conflict of <br /> i~terest. This matter has been brought to the attention of City Attorney Bill <br /> Goodrich and Mr. Goodrich ~11 be prepared to comment on the appropriate <br />consideration for the Council s action. <br /> <br />Recommendation: <br /> <br />Council's action will be to: 1) <br /> 2) <br /> 3) <br /> <br />Review Checklist: <br /> <br />Receive advice from City Attorney Goodrich; <br />Receive presentation from insurance agents; <br />Discuss course of action. <br /> <br />Administrator <br />A~torney <br />Engineer <br />Community Development Director <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br /> <br />