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Shakopee City Council
June 21, 2022
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| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
A determination that the city will not waive the monetary limits on tort liability coverage for the upcoming League of Minnesota Cities Insurance Trust (LMCIT) property and liability insurance renewal. | | |
| | | | | | | | Policy/Action Requested:
To elect not to waive the monetary limits on tort liability. | | |
| | | | | | | | Recommendation:
Approve the motion to elect not to waive the monetary limits on tort liability. | | |
| | | | | | | | Discussion:
Each year the LMCIT asks whether the city wishes to waive the monetary limits on tort liability established by state law, Minnesota State 466.04. While this is routine action, the League specifically requires council action. The city's past practice has been not to waive the limits.
Assuming the council does not waive the limit, there would be a liability limit of $500,000 for a single claimant and $1,500,000 for all claimants for a single occurrence. | | |
| | | | | | | | Budget Impact:
If the council chooses not to waive coverage, there is no financial impact. However, if it does waive coverage limits, there would be an additional cost for increased insurance premiums. | | |
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