4.1. SR 03-18-1996ity of
'vet
ITEM 4.1.
MEMORANDUM
FROM:
DATE:
SUBJECT:
Mayor & City Council
Lori Johnson, Asst. City Administrator
March 18, 1996
Liquor Insurance Renewal
The liquor store insurance policies (except worker's compensation) are up for
renewal on April 1. Dan Greene of First National Insurance has assisted the
city in obtaining quotes for this insurance.
Attached is a letter from Dan indicating that the premium for 1996 will be
$7,754 which is a decrease from last year's amount of $7,911. We are
recommending renewal with the Maryland Insurance company for coverage
effective April 1, 1996.
Action Requested
The Council is asked to approve the insurance renewal with Maryland
Insurance Group for the Northbound Liquor Store effective April 1, 1996.
s:Xcouncil\insrennb.doc
13065 Orono Parkway · P.O. Box 490 ° Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425
11 FIRST NATIONAL INSURANCE
OF ELK RIVER
729 MAIN STREET · ELK RIVER, MINNESOTA 55330 · (612) 441-2500 · FAX (612) 441-3921
March 7, 1996
City of Elk River
DBA: Northbound Liquor
Attn: Lori Johnson
13065 Orono Prkwy NW
Elk River, MN 55330
Subject: Northbound Liquor Store
Dear Lori,
I'm enclosing your copy of the renewal on the Northbound Liquor Store.
We are pleased that the premium was reduced from $7,911.00 to $7,754.00. This also
included our increasing the building from $454,700.00 from $461,000.00 and the receipts
were increased from $2,497,000.00 to $2,572,000.00.
Some items for your consideration, the current policy covers the sign in the amount of
$5,000, however, there is a $1,000 deductible and also co~ers full coverage glass, subject
to a $1,000 deductible. For those reasons, we previously elected to leave the sign and
glass coverage specifically insured under the package policy. If your interested in paying
the $1,000 deductible however, it may benefit us to exclude coverage from the cities
package policy and include it under the liquor stores policy.
As yoU will recall, when we wrote the All Systems Go coverage covering break down of
computer equipment, Fritz declined coverage because of cost, however, there is a more
limited Computer Special Coverage under this policy that's not as broad as the All
Systems Go. If he has any problems with the computers, be sure and check with us and
we'll see how far this policy goes to provide coverage.
If you have any questions or think we should make any changes, please give me a call.
Daniel B. Greene
Business, Home, Auto, Life, Health, Disability