SD&G – A switch in social housing insurance providers has averted a possible spike in premiums for the Cornwall and Area Housing Corporation.
The oversight body of social housing had been underwritten by Princeton, Ont. based Frank Cowan Company Limited but moved back to HSC for 2016.
Social housing board member Jim Locke told county council Monday, CAHC will see its premium drop $26,000 plus it will be getting “improved claims service.”
In May 2015, Locke told council Cowan had been “concerned” over the number of fires and deaths in Cornwall and SD&G social housing, suggesting a big bump in rates was in the offing.
But, in an interview with Cornwall Newswatch, CAHC General Manager Peggy Fulton said moving to HSC had nothing to do with their claims history.
Fulton said the corporation tenders its insurance every year to get the best rate.
“It goes out to tender and, if Cowan had come in $20,000 cheaper, they would have kept the contract for the next year. It happened that HSC was ($26,000) cheaper so that’s a huge amount of money so, being publicly funded that money gets back to the taxpayers,” Fulton told CNW.
The Cornwall and Area Housing Corporation has 904 family units and 623 senior units, according to the city’s municipal data book.