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HomeMy WebLinkAbout14-196 LMCIT Insurance Non-Waiver 2015 4646 Dakota Street SE Prior Lake, MN 55372 RESOLUTION 14-196 A RESOLUTION ELECTING THE NON WAIVER OF STATUTORY MUNICIPAL TORT LIABILITY LIMITS AND DECLINING EXCESS LIABILITY INSURANCE COVERAGE Motion By: KEENEY Second By: SOUKUP WHEREAS, Minnesota Statutes 466.04 imposes limits on municipal tort liability; and WHEREAS, The City of Prior Lake has the option to waive the protection of statutorily imposed limits on what a claimant can recover in a tort liability action: and WHEREAS, The League of Minnesota Cities Insurance Trust offers municipalities the option to purchase excess liability insurance; and WHEREAS, The Prior Lake City Council has evaluated whether to waive the limit on tort liability and whether to purchase excess liability coverage for non-tort claims; and WHEREAS, The City of Prior Lake has historically exhibited relatively low claims experience. NOWTHEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA that the City of Prior Lake hereby exercises the following elections with respect to the available LMCIT insurance options: The City of Prior Lake DOES NOT WAIVE the monetary limits on municipal tort X liability established by Minnesota Statutes 466.04 effective for the 2015 policy year. The City of Prior Lake declines excess liability coverage effective for the 2015 policy X year. PASSED AND ADOPTED THIS 22nd DAY OF DECEMBER, 2014. VOTE Hedberg Keeney McGuire Morton Soukup Aye ☒☒☒☒☒ Nay ☐☐☐☐☐ Absent ☐☐☐☐☐ Abstain ☐☐☐☐☐ ______________________________ Frank Boyles, City Manager