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The township is bracing for a steep hike in its municipal insurance premium.
Carlo DiCandia, of Algoma Insurance, told council during its Zoom council meeting that the price tag for this yearâs premium would be almost 33 per cent higher than that of last year.
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The increased rate means the township will pay $45,660 for coverage that cost $34,444 one year ago.
DiCandia said that early last year, the insurance industry entered a hard market cycle due to âworldwide catastrophic events,â and that the premiums it had charged over the previous decade were no longer sufficient to keep municipal insurance programs viable.