Insurance extended for municipal property

The Municipal Insurance Association has decided to enter into the field of property coverage

B.C.’s municipalities and regional districts may get a break on insuring buildings and infrastructure.

The Municipal Insurance Association has decided to enter into the field of property coverage.

“We just won’t provide liability coverage,” said Ryan Nitchie, an Armstrong councillor and MIA director.

“Hopefully this will reduce the costs for communities and they can tailor policies based on what communities need.”

Among the possibilities will be insuring in-ground works, such as water and sewer lines, from damage by flooding and earthquakes.

“It will help taxpayers,” said Nitchie of the new initiative.

According to the MIA, the adoption of global regulatory changes is expected to restrict the capacity of Canadian insurers to provide the level of coverage required, especially during natural disasters.

“Some insurers have already declined to renew this type of coverage in B.C.,” states a special resolution, which was adopted by MIA members at its recent annual general meeting.

“Many local government risks, such as terrorism, cyber risk and civil disobedience, and property, such as subterranean linear infrastructure, simply are not covered at a reasonable cost, if such coverage is available at all.”

MIA says that through its financial strength and relationship with global reinsurers, it can address these issues.

“Its pooled business model has been shown to deliver stability, cost efficiency and unique coverages to its members.”

MIA is member owned and more than 150 municipalities and regional districts are members.


Just Posted

Vernon Vipers name Connor Marritt captain

Takes over from graduating veteran, and fellow Okanagan native, Jagger Williamson

Vernon pitcher tosses second no-hitter of season

Jarod Leroux has two no-nos in his last three starts for the BCPBL’s Okanagan Athletics

Okanagan-Shuswap Weather: Heat, sun and a chance of thunderstorms for Father’s Day

Morning pancake breakfasts and fishing derbies across the region will see sun, showers may follow.

The annual event takes place Sunday, June 23 at Creekside Park in Coldstream

Pre-registrations, sponsorships and donations for the CMHA annual Ride Don’t Hide event… Continue reading

Vernon seeks additional fetal alcohol syndrome support B.C.-wide

“We are making a difference but we could make even more of a difference”

VIDEO: Horseback riding helps North Okanagan residents with special needs

North Okanagan Therapeutic Riding Association needs more volunteers to continue offering sessions

Police seek two suspects and car after stabbing in Kelowna

The stabbing took place on Friday evening on Wilson Avenue. It sent one man to hospital.

B.C. VIEWS: When farmland protection doesn’t protect farmers

Secondary residences aren’t mansions, families tell Lana Popham

Bombers down B.C. Lions 33-23 in season opener

Former Lion Andrew Harris leads Winnipeg with 148 rushing yards

Summerland ready for dry summer conditions

Province has declared Level Two drought, but Summerland has not increased watering restrictions

Summerland pioneers had connection to Middlesex, England

Harry Dunsdon and Richard Turner became cattlemen

Northern B.C. family remembers murdered Indigenous woman with memorial walk

Still no closure for Ramona Wilson’s family 25 years later

B.C. university to offer mentorship program for former youth in care

Students using the provincial tuition waiver program will soon be able to form a community at KPU

Gambler 500 hits Okanagan back roads

Hundreds of off road enthusiasts are rallying in the South Okanagan this… Continue reading

Most Read