By Cecilia Nasmith/Today’s Northumberland
Cobourg council voted Wednesday to go with the recommendation of McDougall Insurance Brokers and pay the $803,592 premium to Marsh Canada for a comprehensive policy for Nov. 1, 2025, through Nov. 1, 2026.
Treasurer Adam Giddings specified that this is a renewal, and stressed one of the key pressures on this price.
“The municipal insurance market is challenging,” Giddings stated.
“This is one of the few willing companies, with increased settlements and joint-and-several liability.”
Nevertheless, the premium represents an increase of $36,227 or about 4.72% – comparing favourably with the average municipal insurance increase of 5.7%.
Marketwide, insurance has increased 5.6% since 2023, compared to the average inflation rate of 2.84%.
