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city Of AGENDA ITEM #5.2 <br /> �. Pequot <br /> Lakes <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: March 3, 2009 <br /> Subiect: Excess Liability Insurance Increase <br /> Report: (This report is provided by Mark Jurchen) <br /> `- Currently the City of Pequot Lakes does not waive the <br /> statutory limit which is $400,000 per person and <br /> $1,200,000 per occurrence. On July 1 St the statutory limit <br /> will increase to $500,000 per person and $1,500,000 per <br /> occurrence. The League of Minnesota Cities will increase <br /> the limits on the General Liability policy to coincide with <br /> new limit. <br /> Litigation and losses that do not fall under the statutory law <br /> expose the City to potential losses in excess of the limit. <br /> The City of Pequot Lakes also carries an excess liability <br /> policy in the amount of $1,000,000 at a renewal premium <br /> for 2009 of $5,024. The total liability limit for the city with <br /> the two policies combined total $2,200,000 until July 1St, <br /> 2009 and then $2,500,000 subsequent to that date. <br />