Just five years ago Chatham-Kent spent just over a million dollars for their annual insurance premiums.
At their council meeting tonight, councillors will debate whether to approve the 2023 quoted premium for the municipality’s various insurance coverages. The quote is for $2.6 million, which is a 33.1% increase from the 2022 premium.
The reason given for the huge insurance hikes is because Chatham-Kent has experienced significant property losses in the past, due to such things as vehicle collisions on municipal roads and trip and falls on municipal property.
Administration and Chatham-Kent’s insurance broker will be continuing to seek reductions to these costs in the upcoming months.
