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HomeMy WebLinkAbout11-051 2011 Insurance Policy Renewal 4646 Dakota Street SE Prior Lake, MN 55372 RESOLUTION 1 1 - 051 A RESOLUTION AUTHORIZING THE 2011 INSURANCE POLICY RENEWAL Motion By: Hedberg Second By: Keeney WHEREAS, The City of Prior Lake participates in the League of Minnesota Cities Insurance Trust (LMCIT) for the purpose of securing its liability, property, casualty, automobile, employee faithful performance (bond) and open meeting law defense insurance coverage ; a nd WHEREAS, The insurance renewal period is 02/01/2011 through 02/01/2012; and WHEREAS, The City has historically carried a $10,000/$20,000/$1,000 deductible amount for liability coverage ; and WHEREAS, City Staff recommends increasing the aggregate deductible amount based on historical loss /claim data . NOW THEREFORE BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAK E, , MINNESOTA as follows : 1. The recitals set forth above are incorporated herein . 2. The City Council hereby approves the 2011 insurance policy renewal which includes an increase i n the aggregate deductible to $4 0,000 . PASSED AND ADOPTED THIS 1 8 th DAY OF A PRIL , 201 1 . YES NO Myser X Myser Erickson X Erickson Hedberg X Hedberg Keeney X Keeney Soukup X Soukup ______________________________ Frank Boyles, City Manager