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LMCIT Board Approves 2024 Premium Rates and Coverage Changes
The League of Minnesota Cities Insurance Trust sets new rates and makes coverage changes each year; learn more about the 2024 changes.
The League of Minnesota Cities Insurance Trust (LMCIT) Board of Trustees recently approved premium rates and coverage changes for the coming year. Information about these changes will be sent to each LMCIT member and their insurance agent.
Rates are decreasing
We’re pleased to let you know that property/casualty rates will decrease by an average of 0.75%, and workers’ compensation rates will decrease by an average of 15%. Please keep in mind your own premium rate will also be affected by changes in your expenditures, payrolls, experience ratings, and other factors.
Learn more about 2023-24 premium rates.
Coverage changes
There are several coverage changes taking place as well. That includes several arising from recent statutory amendments pertaining to the sale of cannabis.
Learn more about 2023-24 coverage changes.
Dividends total $3 million
The Trust will also return $3 million to members of the property/casualty program. A check for your share of the dividend will be mailed week of Dec. 4.
Learn more about the $3 million dividend.
Thank you for being part of our self-insured membership cooperative!
We look forward to continuing to work with you to provide coverages and risk management programs specifically designed for Minnesota cities. If you have any questions about the changes taking place this year, feel free to contact your agent or underwriter.