3.10. SR 03-17-1997ity of
iver
** ITEM 3.10 .**
MEMORANDUM
FROM:
Mayor and City Council
Lori Johnson, Finance Director~
DATE:
March 17, 1997
SUBJECT: Liquor Insurance Renewal
Attached is a letter from Dan Greene regarding the liquor store insurance
which is up for renewal on April 1, 1997. As Dan indicates, bids were
solicited for coverage and all options were explored. The coverage will again
be written with the Maryland Insurance Group.
Staff Recommendation
Staff recommends approval of the liquor store insurance renewal as outlined.
13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425
RIVER
16 MA N STREET · SUITE 107 · ELK RIVER, MINNESOTA 55330 ° (612) 441-2500 ° FAX (612) 441-6714
February 28, 1997
Lori Johnson Warner
City of Elk River
13065 Orono Parkway NW
Elk R_tver, _MN_. 55330
Subject: Northbound Liquor
Dear Loft,
This letter is a follow up of our phone conversation concerning the renewal on the
insurance for Northbound Liquor.
We've taken the oppommity of shopping this with a number of our companies and the
current program is still competitively priced, based on the coverage provided. The
renewal premium will be $7,800.10. I could not find anyone more competitive on the
liquor. If we could, then we obviously could take all the property coverages and put them
back under the League of MN Cities policy.
I am please to find out, however, there is another market coming in to Minnesota that is
being underwritten by a quality company. They say they want to write municipal
business. As soon as we have their applications and rates, I will have them quote
Northbound to see how they stack up in comparison with what we currently have. We
will not wa/t '&nti! renexval to do ~hat because if ~ere is a substantial sav~gs, we can
always cancel the current policy and rewrite with the new company. As soon as I have'
completed that process, I will get back to you.
We have ordered the renewal from the company which is effective 04-01-97. If you
have any questions, please give me a call.
Regards, .'. -'
Daniel B. Greene
Business, Home, Auto, Life. Health, Disability