PERTH COUNTY – At the Dec. 15 meeting for Perth County council, a renewal of its insurance policy was discussed.
The county received a renewal proposal from its provider, AON, outlining coveages for the Jan. 1, 2023 to Jan. 1, 2024 insurance term. This includes $50 million in liability as well as cyber insurance.
The 2023 total insurance renewal is $565,205, which is an increase of $50,517 – or an almost 10 per cent increase from 2022 premiums.
“The county has a general insurance policy, which includes primary liability, umbrella liability, automobile, property limit, crime, councillors’ accident, volunteer accident and cyber liability,” stated the report presented to council by Corey Bridges, manager of finance and treasurer for the county.
The current year is showing a 9.8 per cent increase from the previous year’s premiums quoted by AON. The 2023 increase is due to the 9.1 per cent increase, or $12,319, in facilities and a five per cent increase in auto insurance premiums. There was an additional increase in general liability of 12.5 per cent or $28,850, which will keep the county at the $50 million liability limit.
“The reason for the increases relate to the following key dynamics; joint and several liability, lack or specialty expertise, large loss growth, risk associated with large fleets, risk quality, and climate change/catastrophic losses,” said the report.
Perth County council received the report and approved the contract with AON Reed Stenhouse Inc. for the 2023 year. The renewals have been incorporated into the 2023 operating budgets.
Melissa Dunphy, Local Journalism Initiative Reporter, Listowel Banner