Agenda - Council - 11/26/2024 - Laserfiche WebLink

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'n' ties, Excess coverage under the waiver o tion,.makes more funds available to compensate the injuries, g p victims in that kind of situation, The cost of the excess liability g covera e is about 25%greater if the city waives the statutory tort limits. The cost difference is proportionally greater than the cost difference at the primary level because for a city that carries excess coverage,waiving the statutory tort limits increases both the per claimant exposure and the per-occurrence exposure. waivingStatutory Tort Liability Limits; increase in Risk? Y � There is no increase in risk for the city to end up with liability if LMCIT doesn't cover it, The waiver form'specifically says the city is waiving the statutory tort liability limits only to the extent of the p y city's coverage, Of course,that's not to say there is no risk the city's liability could exceed its coverage limits, We listed earlier a number of ways that could happen to any city. But the waiver doesn't increase that risk, Can we Waive the Statutory Tort Limits for the primary Coverage but not for the Excess coverage? No. If the city decides to waive the statutory tort limits,that waiver applies to the full extent of the coverage limits the city has, The city cannot partially waive the statutory•limits, Is there a Simple way to Summarize the options? Your Lea ue Resource It's not necessarily simple,but the table on the following eel free to call the Underwriting summary of what the effect would be of F page is a shorthand y Department at 651-281-1200 or the various coverage structure options in different 800-925-1 .22 with any circumstances, questions, Pete Tritz 12/10 j 3 i • 1 i 's s • 4 } s I r I I ' I j. b r. 's 5 :a