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LMCIT League of Minnesota Cities Insurance Trust Agent Insider

Welcome to the Spring 2022 Issue of the Agent Insider!

TABLE OF CONTENTS

Safety and Loss Control Workshops

A New Approach to Property Appraisals — What We Learned

Loss Experience and Premiums: Avoiding Surprises

Loss Control Blogs

Staff Spotlight: Ashley Edwardson

LMCIT Staff Contact Info

E-Newsletter Archives

Keep in Touch

Safety and Loss Control Workshops


2022 Safety and Loss Control WorkshopsThe 2022 Safety and Loss Control Workshops are just around the corner! We have some great sessions lined up and would love to have you join us at one of the eight locations in March and April this year.

As always, we’ll have an agent-specific track during the afternoon of each workshop. Here are the sessions for the agent’s track this year:
  • Good Mental Health in the Workplace
    Learn five things you can do to create a workplace that values good mental health.
  • Selling to the City: How Insurance and Exposures Are Different From a Commercial Client
    Get an overview of the exposure differences and processes used to address the specific needs of cities.
  • LMCIT Updates
    Important updates on recent coverage, rate, and other changes for the property/casualty and workers’ compensation programs.
  • Don’t Let Tree Claims Leave You Stumped!
    Learn more about often contentious tree-related claims.

Read more about the sessions in the agent’s track and register for a workshop now!

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A New Approach to Property Appraisals — What We Learned


Factors involved in assessing property valueThe Trust’s property appraisal program ensures consistent and adequate property limits for all members.

LMCIT works with HCA Asset Management (HCA) to provide property appraisals to all members every seven years. HCA also provides inflation factors that are applied to property values in between appraisals.

In 2018, HCA began conducting onsite appraisals on all buildings, as well as property-in-the-open locations with a value of $1 million or greater. A couple of the key findings so far have been:
  1. Many locations below the previous onsite appraisal threshold were undervalued.
  2. The appraisers found several locations that were missed on city schedules.
The overarching goal of the appraisal program is to ensure all property is scheduled and covered at 100% of its replacement cost to ensure members have adequate coverage in the event of a total loss at any particular location.

Learn more about the Trust’s property appraisal program

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Loss Experience and Premiums: Avoiding Surprises


Man looking at paper with shocked expression. Rates, exposures, and loss history are key elements in determining members’ liability, auto, and workers’ compensation premiums.
 
For the loss history element, LMCIT’s experience rating formulas consider a member’s loss experience within a recent three-year period as an indicator of a member’s future loss experience. It compares a member’s actual losses to losses that would be expected for a member with the same risk profile (e.g., same number of employees, expenditures, police officers, autos, etc.). If actual losses are better than expected, the member receives a premium credit, and if worse than expected, a debit.
 
As the recent three-year period for experience rating rolls forward at each renewal, keep a close eye on a few things:
  1. If a worse-than-expected loss year is rolling into the three-year period;
  2. If a better-than-expected year is rolling out of the three-year period; or
  3. If there is significant claim development for any losses that occurred within the last three years.
If it appears any of these will be the case, the members’ experience rating factor, and premium calculation as a result, may increase at renewal. 
 
If you have specific questions about how a member’s losses might impact their renewal premium, please reach out to your LMCIT underwriter for guidance on anticipated experience mod changes.

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Loss Control Blogs

Graphics for The Pipeline and On the Line blogsDid you know the LMCIT Loss Control team manages two blogs?
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Staff Spotlight


Ashley Edwardson photoName: Ashley Edwardson 
Title: Loss Control Program Coordinator

Duties: My role includes overseeing the development, implementation, and ongoing success of the Peace officer Accredited TRaining OnLine (PATROL) program and the Regional Safety Group (RSG) program. My position will also provide educational loss control information to member cities under 1,000 population in an effort to assist cities with injury prevention, worker safety, and general loss control.
 
Fun Fact: I attended Colorado Mountain College (in Steamboat Springs, Colorado) for two years. I am an avid skier, and while I was in school in Colorado I had a part-time job as a ski instructor. The best part of that job was teaching little kids to ski for the first time.

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LMCIT Staff Contact InfoContact Us


We realize that between LMCIT's Loss Control, Underwriting, and Claims departments, there are a lot of names and contact information to keep track of! The League's website allows you to search for a person by department or employee name, and the contact information for each employee is also provided.

Bookmark this link and keep it handy so that you can easily access the LMCIT contact information you need!

Online Archives

E-Newsletter Archives


Did you miss one of the issues of the Agent Insider? Never fear! We've archived the most recent four issues for you here.


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