5.3. SR 09-17-2007
REQUEST FOR ACTION
To
Ci Council
Agenda Section
Administration
Item Description
LMCIT Insurance Renewal
Meeting Date
Se tember 17, 2007
Item Number
5.3.
Prepared by
Tim Simon, Finance Director
Reviewed by
Lori ohnson, Ci Administrator
Reviewed by
Action Requested
The City Council is asked to consider renewal of the city's insurance policies with the League of
Minnesota Cities Insurance Trust (LMCIT) including a change in the deductible.
Background/Discussion
For over twenty years the City of Elk River has participated in the LMCIT. Mary Eberley of First
National Insurance Agency will present the July 1, 2007, LMCIT renewal, which was just received from
LMCIT. Coverage has been in Binder since the official July 1st renewal date even though the renewal
documents and rates were just received. The workers' compensation insurance renewal is included as
well; that policy will renew on October 1, 2007. The policy has remained unchanged for the most part,
except that the Council is asked to consider the various deductible options. The details of the proposal
are outlined in the attached memo from Mary Eberley.
Here are a few highlights which are outlined in Mary Eberley's attached memo:
. The City continues to receive a dividend for participating in the LMCIT program
. Builders' association claim has an impact of approximately $22,000-$23,000, this will also impact
one more renewal period
. The property schedule has added nearly $11 million
. The overall increase comes to about 4.6% with no change in deductible
. The City again has an excellent Experience Modification factor of .74
The City continues to be proactive in promoting safety and safety standards through the continued
dedication of all City employees and the Safety committee. These efforts result in a substantial
premium savings for the City.
Weare recommending that the Council consider changing to a $5,000 deductible option. Please review
the options attachment presented by Mary Eberley outlining deductible options. She will give a brief
overview of the options at the meeting.
Financial Impact
See attached premium summary & comparison -2007 worksheet
Attachments
. Letter from Mary Eberley - First National Insurance Agency
. City of Elk River premium summary & comparison
. Deductible Options
. Balance Sheet of the Insurance Reserve Fund
Action
Motion by _
Second by _
Vote
Follow Up
111
FIRST NATIONAL INSURANCE AGENCY
81 " Main Streel Elk River MN 55330 Phone: 1763) 441-2500 wwwJirstnationalfinancial.com
September 10, 2007
To: Honorable Mayor & Council Persons
City of Elk River
Thank you for permitting time on your September 17th agenda to review the 2007
League of Minnesota Cities Insurance Trust proposal. Although still beyond the official
renewal date, the proposal has come in much earlier than in the past severa) years. The
City's coverage has been under Binder since the official July I sl renewal date.
Tim Simon, L<>ri Johnson, members of the City's staff, and the ERMU staffhave all
spent time and energy working on this year's renewal and I appreciate their expertise and
dedication to getting the rene\val accurately completed. It is a pleasure to work with such
professional people!
As the City continues to grow and adds to its assets, the importance of risk management
and loss control also grows. Your staff and LMCIT's loss control service staff have
worked together to manage the City's operations and exposures. It appears these efforts
are meeting with some success as the frequency of claims seems to be declining in the
past 4-5 years. The LMCIT program continues to be a very effective risk management
and loss financing tool for member cities.
Although there is another increase in cost for this year, it is not nearly as significant as
last year's. The overall increase for 2007 comes to about 4.6%. We will take a few
minutes to explain some of the material changes, and then will present some options for
new deductibles and additional coverages for the Council's consideration.
These are some of the special points I would like to bring to your attention:
I) 2007 LMCIT Rates - LMCIT property rates increased 10% for 2007, due
primarily to greater than projected storm and fire losses over 2005 and 2006.
and to increased reinsurance costs for the LMCIT program's broad and
comprehensive coverage program. Rates for other lines of coverage have
either stayed the same, or decreased by about 3%.
2) The City of Elk River received a dividend in the amount of$ 18,665 in
December 2006. This is considerably less than in previous years, and about
25% of what the City received last year. Greater than expected losses and the
League's retention and reinsurance strategies also resulted in a smaller
declared dividend. According to the League, recent decisions with regard to
reinsurance costs and increased retentions may continue to make dividends
more variable, as well as generally smaller. Over the 20 years the City ofBlk
River has been participating in the LMCIT program, it has returned an
average dividend of 18.9% annually.
3) Last year. we talked about the impact of the builders' associations claim.
Although the Municipal Liability premium for 2007 is considerably less than
last year, this single claim accounts for about $22.000-23,000 for 2007. It
will also impact next year's renewal. This matter is considered a "land use"
coverage claim. and is counted twice in the experience rating formula. This
particular suit was settled successfully. but defense costs were significant and
are also included in the fomlUla.
The main reason for the reduction in the liability premium this year is the
combination of a 3% rate reduction and a 7% improvement in the City's
experience rating factor. This 7% improvement is primarily due to two
previous land use claims that have fallen out of the 3-year experience period.
4) The property schedule has again grown significantly. We have added almost
S 11 million in scheduled value to the list. The new Library, River's Edge
Commons, a new substation and well for ERMU, and improvements to the
Wastewater Treatment facility from 2006 have all been added. along with an
inflationary factor of about 4.5% to maintain replacement values.
5) The City's Workers Compensation coverage will automatically renew on
October 1st. and will again include an excellent Experience Modification
factor of .74. This is up a bit from last year's .68 modifier, but is still one of
the lowest factors we are likely to see! This is evidence that the City's efforts
in the area of risk management and safety-conscious supervision and safe
practices is working. This moditier means the City receives a discount from
LMCIT base rates of 26%.
The League's overall base rates for 2007 have remained fairly steady,
although there have been changes in select classes. In the classes with major
changes. the League has imposed a 20% constraint on the amount of increase
to help modify the impact. Workers Compensation rates, to the extent
possible, are set for each class based on LMCIT's own actual loss experience
by class for the preceding five-year period. Rising medical costs continue to
be a major concern, and are projected to continue rising at an annual rate of
9%. The Workers Compensation line will not return a dividend for this year.
6) An optional quote for Excess Liability coverage has again been secured. At
$ 1.000.000 limits. the additional cost would be $66.114. At a 52.000,000
limit. the annual additional cost would be $ 99,171. These quotes are higher
than in most previous years, and are also influenced by the land use claim
noted in item 3. above.
Although the City has declined the purchase of additional limits in the past,
we have secured the quotes for the Council to consider. The City has elected
the League's waiver option, and generally has a total of S 1,000,000 available
for anyone "occurrence". There are some special exceptions, and in some
cases, separate limits for special types of losses, however, the general limit is
currently S1.000,000.
The limits of coverage and options have been discussed in workshop about
two years ago. Should the Council wish to revisit these matters, I would be
happy to present the details in a workshop setting again. And should the
Council decide to purchase the additional limits this year; we will include the
cost in the final proposal and motion.
7) The Vehicle schedule for this year includes 165 units. The average cost per
unit has dropped this year, as both liability and physical damage rates have
decreased by 3% for 2007.
8) The City changed to a $2,500 deductible in 2004. Last year, we recommended
a change to $5,000. or higher, however, the Council decided to stay another
year with the $2,500 deductible level. For the 2007-2008 coverage period,
we are again recommending that the Council vote to accept a $5,000
Deductible. We have prepared a brief analysis of premium savings and
deductible costs over the past 4 years. to help demonstrate why we feel this
change would be a reasonable decision.
Although a four-year analysis may be a somewhat short time frame to
consider, there are other factors to consider. The frequency of claims appears
to have declined considerably over the past 4-5 years. This is a good indicator
that loss control programs and safety training are making a difference. For
example, the number of "occurrences" resulting in payment over the past 4
years is about one-half the numbers just 5 and 6 years ago.
The City has elected a $10,000 deductible for Workers Compensation
coverage for a number of years now, and has done well with this decision.
Frequency of injuries has dropped and the experience modifier is excellent.
The City has also put new safety programs and additional training in place to
help prevent losses. The City has set aside LMCIT dividends to help fund
deductible expenses and loss control programs. so would have a "safety net"
in place to fund future additional deductible expenses.
One of the concerns the Council had last year was that a change to a larger
deductible would also impact ERMU. We have discussed the possibility of a
$5,000 Deductible with Bryan Adams. and he indicated he would be
comfortable with the $5,000 figure.
And last, is the potential premium savings - changing to a S5,000 Deductible
for the 2007-2008 term would result in a reduction in the immediate premium
costs of approximately $21,000, and if we use an average of the past 4 years
history to calculate additional deductible expenses, the "net" savings would
still be about $14.800. If the City selects the S5,000 deductible this year and
finds it was not a good choice, the City can return to its previous deductible
at the next renewal.
It is also important to keep in mind that the LMCIT package deductible
applies on an "occurrence" basis, rather than "per claim". This means that in
the event of storm damage to a number of City facilities, the deductible would
be applied only once to the total of paid damages to the "occurrence" - the
storm. Another example would be an auto accident in which a City vehicle
was responsible for damage to 2 or 3 other vehicles. There may be 2 or 3
claimants. but the deductible would apply once.
9) The League's "No-Fault Sewer Back-up" coverage was reviewed and
declined several years ago. The coverage remains available through the
League and pricing remains the same as well. If the Council is interested in
this coverage, it will be necessary to apply and be approved for coverage by
the League's underwriter. The annual cost for this year would be about
$13,500.
These are just some of the points we thought might be of interest or concern, but if the
Council has any other questions, we'd be happy to address them. If not, here is our
recommendation:
For 2007. we recommend the Council Durchase the LMCIT proposal at a$5.000 packa~e
Deductible level for all approximate premium total of $328. 135. We will also review the
prODertv and vehicle schedules for items valued under this new deductible and remove
them.
As always, I appreciate the opportunity to work with the City and its cxcellent staff, and I
thank you for your continued business.
Respectfully,
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BALANCE SHEET
Page: 1
9/12/2007
CITY OF ELK RIVER 1:38 pm
As of: 8/31/2007 Balances
Fund Type: 11 Special revenue funds
Fund: 291 - INSURANCE RESERVE
Assets
Acct Class: 1000 Current Assets
1010 Cash 503,866.21
1012 Fair Value-Investments 1,663.00
1380 Interest Receivable 2,719.00
Acct Class: 1000 Current Assets 508,248.21
Total Assets 508,248.21
Reserves/Balances
Acct Class: 2400 Fund Equity
2400 Fund Balance 606,056.49
2600 Change In Fund Balance -97,808.28
Acct Class: 2400 Fund Equity 508,248.21
Total Reserves/Balances 508,248.21
Total Liabilities & Balances 508,248.21