4.12 SR 06-03-2024The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
City Council
Item Number
4.12
Meeting Date
June 3, 2024
Prepared By
Lori Stich, Finance Manager
Item Description
Insurance Agent of Record
Reviewed by
Lori Stich
Joe Stremcha
Cal Portner
Tina Allard
Action Requested
Approve by motion, Corporate Four Insurance to continue providing insurance agent of record services to
the City of Elk River.
Background/Discussion
The city must have an insurance agent of record as a member of the League of Minnesota Cities Insurance
Trust (LMCIT). In March 2013, the city engaged Northern Capital Insurance Group to provide these services:
▪ Advise and assist the city in assembling and accurately reporting underwriting data, including updating
property values, for rating purposes.
▪ Advise and assist the city in evaluating and selecting among coverage alternatives such as deductibles,
limits, optional coverage, and alternative coverage forms, etc.
▪ Review coverage documents and invoices to assure coverage has been correctly issued and billed.
▪ Advise the city on potential gaps or overlaps in coverage.
▪ Assist the city as requested in submitting claims and interpreting coverage as applied to particular
claims.
▪ Review loss reports for correct reporting, appropriate reserves, etc.
▪ Assist as requested with safety and loss control activities.
▪ Assist the city in identifying risk exposures and developing appropriate strategies to address those
exposures.
▪ In 2019, the services were transferred from Northern Capital Insurance Group to Corporate Four
Insurance with a five-year agreement. Staff recommends continuing the relationship with Corporate
Four Insurance for another five years as outlined in the attached service fee agreement.
Financial Impact
Annual fees are paid from the Insurance Reserve Fund.
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Mission/Policy/Goal
Responsible for every dollar - good stewards.
Attachments
1. Elk River Service Fee Agreement 2024
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