ERIN – Council has approved a staff recommendation to renew its municipal insurance policy with Marsh Canada Inc. at an annual premium of $226,114 before tax.
The town has purchased insurance coverage from the company (previously Jardine Lloyd Thompson Canada) since 2019.
Last year’s premium was $205,059 (pre-tax) and this year’s premium represents an increase of 10 per cent. Staff budgeted $246,709 for this year’s policy, effective April 2023 to March 2024.
According to finance director Wendy Parr, the increase can be blamed on inflation and tight market conditions.
In a report to council, there are rate increases across the board from auto insurance to low-risk events.
Council approved the recommendation to purchase the insurance coverage at its March 23 meeting.