The city will be heading to tender in search of an insurance policy.
In 2015, the city awarded the contract for insurance to the successful proponent Cooke Insurance and JLT Canada.
The award was for the period of July 1, 2015 to July 1, 2016. Based on satisfactory performance, the policy term renewal was granted for 2016-17 and 2017-18.
However, there is no option to extend the insurance coverage beyond the current expiry date of June 30.
In accordance with the city’s procurement policy, it is required to go to tender for coverage.
The contractor used in 2015 is no longer available. Several other sources were contacted with no success.
The current vender has offered a discount of about $33,828 if the city renews its current policy for a year. That will give the city time to engage an external insurance consultant to help in the development of the request for proposal and evaluation of responses.