About the League of Minnesota Cities Insurance Trust (LMCIT)

Transcription

1 About the League of Minnesota Cities Insurance Trust (LMCIT) The first of a series of webinars for newer agents. (Or a refresher for long-time agents.)

2 Why was LMCIT created?

3 What s different about a pool? Pooling is best embodied in a Swedish proverb: The best place to find a helping hand is often at the end of your own arm.

4 What s different about a pool?

5 How is LMCIT governed? Board of Trustees 7 members appointed by League (LMC) Board Elected and appointed officials from LMCIT member cities LMC Executive Director

6 LMCIT mission and goals Superior coverage Help members control losses Best value; lowest long-term cost Responsiveness to member needs To be fair and equitable Stability; costs, financial strength, coverage Maintain knowledge and expertise Member trust and confidence Leadership on risk issues Innovation and experimentation

7 What types of entities are eligible for LMCIT membership? Cities Joint Powers Boards and Entities Special Purpose Political Subdivisions City Boards, Commissions and Authorities Private Non-Profit Corps. (if instrumentality of a city) Other Instrumentalities Associations of Public Officials Urban Towns Workers Compensation for Townships

8 Membership profile: p/c program 820 cities in LMCIT P/C program 363 other entities in LMCIT P/C program Hundreds of other public entities added by endorsement to cities LMCIT coverages $57 million in annual written premium

9 Membership profile: work comp program 782 cities in LMCIT WC program 209 other entities in LMCIT WC program Dozens of other public entities added by endorsement to cities LMCIT coverages $42 million in annual written premium

10 LMCIT coverage lines Property and Casualty Program Property Auto Municipal Liability (comprehensive) Defense Cost Reimbursement Equipment breakdown (opt) Faithful Performance Bond (opt) Liquor liability (opt) Airport liability (opt) Excess liability (opt) Work Comp Program Work comp and employers liability Volunteer accident coverage (opt)

11 LMCIT losses profile

12 LMCIT loss control Contract review service Data security and computer-related risk HR and benefits Police and fire Sewer backups Land use decisions Field consultants

13 Agents role in LMCIT 1. There is a requirement to designate an agent for the property/casualty program 2. The city can select whichever licensed agent the city wants 3. The agent s fee or commission is negotiable between the city and the agent 4. The services an agent provides are negotiable between the city and the agent

14 Services agents can offer cities Advise / assist city in assembling and accurately reporting underwriting data Assist city in managing, tracking and ensuring coverage is secured for insurable assets Coordinate the gathering of information needed to complete renewal application Advise / assist city in evaluating and selecting among coverage alternatives Review coverage documents and invoices

15 Services agents can offer cities Provide assistance on questions about coverage Provide assistance on questions about premium Advise city on potential coverage gaps / overlaps Assist city in ensuring contractual insurance requirements are being met Assist city with claim related activities Review loss reports for correct reporting, appropriate reserves, etc.

16 Services agents can offer cities Assist as requested with safety and loss control activities Assist city in identifying risk exposures and addressing those exposures Assist with the LMCIT appraisal process Assist the city in managing and securing certificates of insurance

17 Conclusion Thank you! LMCIT Underwriting Team Liam Biever P&C and Work Comp Katie Winge P&C and Work Comp Nate Brue P&C Jan Kodet P&C Jim Duerre P&C Antonio Montelibano P&C Shawna Thompson P&C Eric Christianson P&C Barb Meyer Work Comp Lisa Trebesch Building Appraisals