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Providing the lowest cost coverages to members during the long term is a goal for the League of Minnesota Cities Insurance Trust. This is accomplished through a mix of low operating cost, investment income, loss control education and services, and LMCIT's nonprofit philosophy.
As a member-owned provider, LMCIT collects premiums to pay for the loss costs experienced by members' claims and lawsuits. After costs are covered, remaining funds are used to build the members' fund balance and to provide a responsible dividend when appropriate.
Private insurers may offer a lower initial price by covering a city at a loss, or by offering a lower level of protection.
That short-term advantage quickly becomes a disadvantage, however, when LMCIT member-owners consider the cost to a city of losses that aren't covered, or of a rate hike in their second year with a private carrier.
Underwriting staff can help members with questions about coverages for cities.
Connect with LMC Underwriting staff
(choose "Underwriting" under "Department")