The League of Minnesota Cities Insurance Trust (LMCIT) Board of Trustees met on Oct. 3 and approved new premium rates for members with property/casualty coverage renewing on or after Nov. 15, 2018.
The overall rate change equates to less than 1 percent for a member with a perfectly average mix of exposures (i.e., potential risks) for all property/casualty coverages (property, liability, and auto). The following list shows the changes to rates within specific categories based on claims/loss patterns experienced by members of the property/casualty program:
It’s important to keep in mind that these rates don’t necessarily mean members’ premiums for property/casualty coverage will increase or decrease by this exact amount. That’s because premiums are also affected by changes in city expenditures, property values, payrolls, experience rating, and other exposure measures.
The Board of Trustees will meet again on Nov. 7 to consider workers’ compensation premium rates. The Board’s primary goals when setting rates are to:
Members will receive more detailed information in November about all the changes that will happen for the coming year. In the meantime, contact your assigned underwriter at (651) 281-1200 or (800) 925-1122 if you have questions.