2020.06.23 CC Packet - Laserfiche WebLink

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City of New Brighton Service Fee Agreement The City of New Brighton, hereinafter “Client” agrees to engage the services of Corporate Four Insurance Agency, 7220 Metro Blvd., Edina, MN 55439, hereinafter Corporate Four, and Corporate Four agrees, as a function of their business as General Agents, or Insurance Brokers, to advise Client in the management of risk of loss generally covered by property and casualty insurance, and to procure or attempt to procure on Client’s behalf such insurance as Client may designate, subject to the following terms and conditions: I. Effective Date and Term: This agreement shall begin as of the date signed and shall continue until December 31, 2023, and thereafter shall continue from year to year. Either party may terminate this agreement at any time by giving 30 days written notice of termination. II. Objective of Agreement: Corporate Four will act in the dual capacity of risk management consultant and insurance agent and/or broker. III. Basis of Compensation: The annual fee for services provided by employees of Corporate Four during the period of this agreement will be: July 1, 2020 – December 31, 2020 $4,750 January 1 – December 31, 2021 $9,500 January 1 – December 31, 2022 $9,500 January 1 – December 31, 2023 $9,500 This fee is guaranteed from July 1,2020 to December 31,2023 with an annual option thereafter. The initial installment is payable upon execution of the Agreement and is fully earned as of the date. Insurance coverage with insurers other than the League of MN Cities Insurance Trust may include commissions. Corporate Four Insurance: City of New Brighton: By:___________________________ By:___________________________ Date:_________________________ By:___________________________ Date:__________________________