Treasurer Sean Crozier said that the 5% increase based on the actual budget.
Councillor Mark Bell asked: “Is there any shopping around that can be done.” .
“Municipal insurance is very specialized.” Sean Crozier said. “From what I understand, there are four brokers, four companies, and depending on your stream, the shopping is done at the broker level. There are very few opportunities on that. That is something you have to do in 2023.”
“The challenge was that there were some potential savings, and that we had to select someone outside of the community.” Mayor Nicholson said.
“Do we budget for a 20,000 deductible, and do we budget for that?” Councillor Trimm asked.
“We don’t have a deductible budget line segregated, but that would fall under insurance.” Treasurer Crozier said. “I think there would be some use.”
“Did we not pay insurance before for the librarys or museums?” Councillor Tabbert said.
“We did, but we invoiced the library and museums back for their insurance.” Treasurer Crozier said. around the time when we provided them with our operating grant.” Treasurer Crozier said. “that will come later down the line with our year-end.”
Treasurer Crozier said they’d come to an agreement with the libraries and museums about the fees.
Councillor Bell asked if they tracked the number of deductible and if that would be ‘accessible in the near future.
“That is something we can provide, depending on the sensitivity of the issue.” Crozier said. “That might not be something we do in an open session, but that wouldn’t be too hard to do to find that out.” Crozier said.
Deputy Mayor Cathy Regier asked if “would it be worthwhile putting it into reserves’.
“If something would be passing into insurance, we would be paying 20,000.” Treasurer Crozier said. “we had, say, 10 items, that’s when we would likely be pulling from our Capital reserve.”
Councillor Moore asked if the Township was going with the LEG group, or on their own, which Crozier confirmed the Township was ‘going on their own’. .
“If it were to really work, municipalities would have to be really comfortable with going.” Treasurer Crozier said. “A group of us did look at us, and it became ‘around in circles we went’ and it just wasn’t feasible.”
“The rec associations, some will reach out and ask for insurance certificates, so yes, we have that information.” Crozier said.
