Agenda - Council Work Session - 09/11/2007

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INCREA ED LIMITS FACTORS Note -Increased limits are available only t vendors who are REQUIRED to carry increased limits by their local licensing authority. The MJU requires that it be provided with a copy of the ordinance at the same time an Application submitted. The factors shown below must be applied the rates and minimum premiums shown for the applicable classification on Page 1. Special Event Special Event Rate Per Increased Limits Factor Min. Premium $100 of Sales 100/100/20 1.14 $142.50 $5.70/100 200/200/40 1.27 $158.75 $6.35/100 300/300/60 1.37 $171.25 $6.85/100 500/500/100 1.50 $187.50 $7.50/100 500/1000/100 1.52 $190.00 $7.60/100 1 M/1 M/300 1.64 $205.00 $8.20/100 300/1 M 1.42 $177.50 $7.10/100 200/600 1.31 $163.75 $6.55/100 1 M/2M 1.66 $208.00 $8.32/100 al Event Coverage '\ 1. a fully completed application signed the applicant/licensee; 2. a copy of applicant's liquor license or f the application for a pending license; 3. documentation of liquor receipts; 4. a copy of the ordinance if increased I its are required; 5. 100% of the premium must accompa y the application. The rate for the minimum limits of Iiabili under Minnesota Statutes is $5 per $100 of gross liquor receipts. Minimum premium is $125/day or events of 4 days or less. For events of 5 days or more, the minimum premium is $625. T $5 rate applies to sales in excess of sales necessary to generate the minimum premium. You m st maintain daily records of receipts for events of less than 5 days. A written rejection is not pr sently required for a "Special Event". This coverage is available through the M A subject to the same requirements and conditions applicable to other risks. The MJUA requ es: Effective Date Coverage cannot be bound earlier than 2:01 a.m. the day following receipt by the MJUA of the application, ALL required documentatio and the deposit premium. AGENTS DO NOT HAVE BINDING AUTHORITY.