With huge insurance hikes over the past few years, Chatham-Kent is looking to change insurance providers for a savings of close to $400,000 for 2023.
Council will likely approve changing insurance providers from Intact Insurance to Marsh Insurance effective at the end of this month.
In December, council approved spending over $2.6 million for insurance for the municipality, which was a 32 percent hike from the cost of the 2022 premium.
In a bid to receive more competitive insurance coverage, as part of the municipality’s renewal with Intact Public Entity, administration requested a commitment from Intact to pro-rate the renewal premium amount for a three-month period. It gave Chatham-Kent time to find alternative insurance coverage at a lower cost without incurring a cancellation penalty.
Marsh Insurance premiums, which will run until April of 2024 will cost the municipality $2,238,560—compared to Intact’s $2,641,215 cost for 2023 premiums.