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Even with what North Bay Coun. Bill Vrebosch calls an âexemplary record,â the city was still dinged with a 10 per cent increase to its insurance rate this year.
And that was without taking into account cyber insurance.
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Speaking at a meeting of North Bay council Tuesday, Vrebosch said even with the 10 per cent boost to insurance premiums, North Bay is still well below some municipalities in the province. Some, he said, have faced insurance premium hikes of 62 per cent.
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Following the approval this week of a more than $105,000 increase to the city’s insurance premium, a North Bay councillor plans to make an appeal to the provincial government to investigate this continued trend which he says has “hammered” municipalities.
Council approved a contract Tuesday evening to renew its comprehensive general insurance with Frank Cowan Company Ltd., in partnership with Kennedy Insurance Brokers Inc., for a premium of nearly $1.17 million, plus HST, for a one-year term starting May 1.
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The premium, excluding taxes, is $105,148 greater than the previous year.