MINTO – This municipality is anticipating savings of more than $12,000 on 2020 insurance premiums after council agreed to switch carriers.
Council directed staff on Feb. 7 to negotiate the town’s 2020 insurance renewal with Frank Cowan Company and local broker Brown Insurance after receiving a submission for a $264,587 premium from the company.
The town’s 2019 premium through JLT/Marsh was $277,032. The JLT/Marsh submission for 2020 was a premium of $337,598.
A report from treasurer Gordon Duff explained the town has had primary insurance coverage through JLT (now Marsh) Insurance for the last six years.
“Coverage levels and service from the company and the local broker has been very good,” noted Duff.
After the 2019 renewal, Duff noted, council decided to check the market again before the next renewal. Staff engaged Randy Bushey, an municipal insurance consultant, to assist with the preparation of a request for proposal (RFP) and review of the bids.
The town had previously retained Bushey to consult on the 2014 insurance RFP process.
“It’s not a simple business as we know,” Duff told council.
The bids from JLT/Marsh Insurance and Frank Cowan Company were the only bids received.
The report describes the proposals as “competitive” with “similar coverage.”
The report also notes both proposals included representation from competent local brokers.
“We’re staying in Minto. Our broker is in Minto so that’s good. We’re sharing the wealth a bit,” said deputy mayor Dave Turton.