The township’s insurance premium will go up by just over $1,000 in 2017.
Mapleton council approved the increase on Nov. 22, after hearing a presentation from Steve Smith of Frank Cowan Insurance and local brokers Dave Campbell and Jeremy Brown of The Brown Group.
Smith advised Mapleton council the premium will rise from $205,690 to $206,805, an increase of $1,115 or just over half a percentage point.
“It’s virtually identical this year to last year,” said Smith. “There have been some changes to the program with the addition of several vehicles and some property assets added to the program.
“We’ve also indexed the buildings by approximately two per cent to reflect inflationary trends.”
The changes continue a trend toward smaller increases in premium costs in the last few years. In 2016, the township’s insurance coverage cost the municipality 2% more than it did in 2015, when it increased by 5% over the previous year.
