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Res 2018-68 Tort LimitsRESOLUTION NO. 2018 - 68 A RESOLUTION CONFIRMING THE STATUTORY LEVEL OF TORT LIMITS WHEREAS, the City of Fridley maintains its insurance coverage through the League of Minnesota Cities Insurance Trust; and WHEREAS, the League of Minnesota Cities Insurance Trust requires the City Council to provide direction regarding statutory tort limitations for the City of Fridley; and WHERAS, under Minnesota Statute Section 466.04 if a city chooses to insure itself for an amount in excess of the statutory limits provide by state law, it will be deemed to have waived the protection of those statutory limits to the extent of any increase in the insured coverage amount; and WHEREAS, any increased coverage amount will result in an increase in the cost of insurance to the City; and WHEREAS, the current statutory limits are a maximum of $500,000 for an individual single claim, and $1,500,000 for a group of claimants on any single claim; and WHEREAS, the City of Fridley finds no reasonable basis to extend liability coverage beyond those amounts provided for under Minnesota Statute Section 466.04; and WHEREAS, the City of Fridley finds it to be in the best interest to be insured to the full extent of liability imposed by law, but not beyond those statutory limits. NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Fridley that it accepts up to and only to the extent of the statutory tort liability limits as expressly provided under Minnesota Statute Section 466.04. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 17TH DAY OF DECEMBER 2018. SCOTT J. LUND - MAYOR ATTEST: DEBRA A. SKOGEN - CITY CLERK