LMCIT Report on Insurance
While unsuccessfully seeking the support of the local DFL last Thursday, Diana Longrie mentioned a report from the League of Minnesota Cities Insurance Trust which seemed in her mind to minimize the gravity of the insured losses incurred in the Copeland-Longrie era. It's not so bad if you just spread those losses out over 5 or 10 years rather than looking at a one-year period when Longrie's majority and their henchman, Copeland, ran the city, she argued.
She invited residents to submit data practices requests to get a copy of the report for themselves. As it happens, the report was shared with the entire council, so I figured I'd put it online for anyone who is curious, and save our city staff time in fulfilling data practices requests.
I'm not sure why Longrie thinks the report puts Maplewood in a good light. Grouping Maplewood with the eight other Minnesota cities in the 30,000-40,000 population size, our one city of the nine constitutes a whopping 27% of the total losses over a 10-year period and 36% of the losses over a 5-year period. If we were just average, you'd expect us to be about 1/9 of the losses, or 11%. And remember, this is the effect of taking that horrible Copeland-Longrie year of litigation and averaging it with 4 or 9 more normal years.
In any case, I'd encourage residents to read the report and judge its meaning for themselves.
She invited residents to submit data practices requests to get a copy of the report for themselves. As it happens, the report was shared with the entire council, so I figured I'd put it online for anyone who is curious, and save our city staff time in fulfilling data practices requests.
I'm not sure why Longrie thinks the report puts Maplewood in a good light. Grouping Maplewood with the eight other Minnesota cities in the 30,000-40,000 population size, our one city of the nine constitutes a whopping 27% of the total losses over a 10-year period and 36% of the losses over a 5-year period. If we were just average, you'd expect us to be about 1/9 of the losses, or 11%. And remember, this is the effect of taking that horrible Copeland-Longrie year of litigation and averaging it with 4 or 9 more normal years.
In any case, I'd encourage residents to read the report and judge its meaning for themselves.
Labels: finance
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