The cost of the city’s insurance just keeps going up.
The price tags this year are over $900,000 for three different premiums including cyber-protection.
Health and Safety Officer Bruce Graham says one way of reducing the premiums is increasing the deductible.
“It’s always an option…I wanted to include it just so you know there is that potential,” Graham told city council at its C0mmittee of the Whole meeting this week.
“Before you do something like that, you need to look at, what is our experience? and what impact that might have, increasing our deductible to $100,000. How many claims came in under that, that we would be then responsible for.”
Graham adds the premium increase is not unexpected.
“Overall, I’m pretty impressed with the renewal for this year. It came in at 9 and a half percent. We were expecting higher. Municipalities have been averaging around 10 (percent). We had two significant claims last year, so I thought it would be higher.”
Here is the breakdown of the city’s insurance costs this year:
-Intact Public Entities (IPE) – Comprehensive Municipal Program – $879,428.00
-VFIS – Paid-per-call Firefighter Income Supplement – $6,298.00
– CFC – Cyber Liability Insurance – $46,575.00
