Insurance premiums for the Town of Minto have dropped slightly for 2015.
The municipality’s cost for insurance this year is $228,140, down from was $228,736 in 2014, notes a report from CAO Bill White at the March 17 council meeting.
Last year council elected to switch insurance coverage to Jardine Lloyd Thompson Canada Inc. (JLT) through local broker Wylie Insurance. Prior to 2014, the town paid premiums of $249,925, $238,174 and $241,292, respectively from 2013-2011 with the previous carrier, the Frank Cowan Company. JLT’s 2014 bid was $27,000 lower than the competition.
“The premium decrease is good News considering the current state of the insurance industry worldwide and in particular concerns about municipal joint and several liability,” states a report from CAO Bill White. “Staff believes town risk management programs continue to be strong and this reasonable claims history resulted in a very competitive bid process in 2014. However, premiums can be affected by one or two accidents that are beyond the staff control, although the 2014 quote by JLT included a three year freeze on liability parts of the premium.”
White noted that when the town changed carriers there was concern from some members of both staff and council there would be additional bureaucracy and reduced service.
“When we went out to RFP over a year ago we were concerned about how it would work out … I feel that it worked out very well … it has been, I would say, seamless,” White told council.
“I’m glad to hear that, I’ll pass on your comments to the people in our office and we truly do appreciate your business,” said Jeff Musser, of JLT, who attended the meeting with Steve Wylie of Wylie Insurance to present the renewal proposal.
