Changing Insurers

During our last Council meeting Council decided to place our commercial property insurance business with SUMAssure. SUMAssure was developed in 2009 by SUMA (SK Urban Municipalities Association) to help municipalities control insurance costs through an Insurance Reciprocal. Saskatchewan is the most recent province to go this route. The process involves both preventing loss and insuring to value. Since SUMAssure was established in 2009 rates for participating communities have declined 6.7%.

The decision was based on a number of factors including:

• the Insurance Reciprocal specializes in municipal insurance providing the Town with increased expertise,
• the Insurance Reciprocal is governed by a Board of Directors composed of Mayors, Councillors, and Administrators,
• greater coverage of Town property including:
• emergency vehicles,
• more buildings,
• enhanced coverage of our water treatment plan,
• enhanced liability limit for special events and error and omissions,
• after 3 - 5 years we will receive a equity payment from SUMAssure (similar to Co-Op's equity payment) thus increasing savings over time,
• all buildings are insured at replacement cost,
• full replacement cost of fire fighting equipment,
• a lower deductible,
• rates and premiums unaffected by claims,
• complimentary risk control recommendations,
• savings this year alone exceeding 12%.

If you have any questions please email me.