Perth County consents to a 10.49% increase in insurance premiums.
Harris County District Clerk: Consents To10.49% Increase
The manager of finance for Perth County suggested AON Reed Stenhouse Inc., the county’s current insurance provider, to be the lowest bidder in a staff report detailing the outcomes of a recent insurance request for proposals.
In his report to council on December 21, Corey Bridges stated, “It is recommended that Perth County accept the AON proposal because the premiums are lower, there are efficiencies staying with the existing provider, and the limits and scope of coverage provided by both proponents are substantially similar.”
Say something
Post a comment to let our community know what’s on your mind.
The report states that the $624,028 total insurance renewal for 2024 represents a 10.49 percent increase, or $59,225, excluding applicable taxes.
percentage increase overall from the 2023 premiums for Perth County.
The last time Perth County asked for insurance company proposals was in November 2016, and AON was chosen from amongst four submissions.
Bridges told the council, “There are only four providers in Ontario who offer municipal insurance plans due to the complexity of municipal insurance risks and needs.”
Marsh Canada, AON Canada, BFL Canada Risk and Insurance Services, and Intact Public Entities—previously known as the Frank Cowan Company—are among these suppliers.
According to Bridges’ analysis, the property and equipment breakdown coverages offered by Marsh and AON were comparable in that they provided comprehensive all-risk protection with $65,000,000. In both bids, the deductibles were the same.
Franklin County Auditor
Perth South Councilwoman Sue Orr enquired as to whether the county had recently finished a review of the replacement costs of all of its structures and machinery, and inquired as to whether the bids offered adequate coverage.
According to Bridges, an assessment was conducted by staff in 2017. According to him, the assessment revealed that the $30 million insured Perth County Courthouse possesses a substantial amount of building value.
The finance manager continued, “We should be in a position where we should be looking at a new condition assessment to get those values in the near future.”
The unanimous vote approved the motion to accept the report and give AON the contract.
The Canadian government provides funding for the Local Journalism Initiative.
READ MORE:
1. Health and Fitness Tips for You
2. Upcoming New Movies
3. Get New Jobs Directly From Companies FREE Visa
4.Latest News of Cryptocurrency and Bitcoin
5. Real Estate Business for you
6. Latest News
7. Best Insurance Policy for Everyone
READ MORE:
- 1. Strategic Management Process: Top5 Jobs In Dubai FREE VISA Apply Now
- 2. Vancouver Time fighting for $12,000 in travel insurance Nightmare FREE
- 3. DIABETIC DIET : A PROFESSIONAL’S GUIDE TO A WARM AND WELL-BEING
- 4. NICOLAS CAGE STATES : HE HAS 3 OR 4 MORE MOVIES LEFT NOW
- 5. EMPRESS CRACKS: FOR THE FIRST TIME SINCE APRIL
- 6. DESPITE MEANING: DESPITE HIGH RATES, MORE US HOME BUYERS ARE WILLING TO BUY
- 7. A 44-YEAR-OLD BOSTON WOMAN WAS KILLED BY A SHARK ATTACK IN THE BAHAMAS WHILE ON VACATION
