ERIN – The Town of Erin renewed its insurance policy with Marsh Canada for less than the amount earmarked in the 2025 budget.
“The 2025 budget included a 10 per cent increase based on Marsh Canada Inc. [estimate],” said director of finance and treasurer Wendy Parr at council’s March 27 meeting. “The actual coverage, 9%, resulted in 1% lower than expected.”
The new insurance policy began April 1 and will continue until April 1, 2026, for the annual premium of $263,983 plus tax.
Due to the lightning strike back in July the rate increase could have been be up to 20%. However, due to the large increase that was applied on the last renewal and the long-term relationship with Marsh, the rate increased by only 9%.
Despite the cost being lower than expected, the updated policy features increases that Parr told council are attributed to “inflationary pressures.”
The updated policy saw increases in the following categories:
– 5% increase in primary liability;
– 5% increase in environmental impairment liability;
– abuse limit increased to $2,000,000; and
– excess liability: both layers increased by a standard 5% due to market inflationary changes.
The premium for property insurance was increased by approximately 12%.
Automobile insurance faced a 3% increase due to market inflationary changes.
Both cyber liability and annual low-risk event liability (excluding full contact sports and overnight camps) remained unchanged.
Council voted unanimously in favour of approving the new insurance policy.
