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Canada: Timmins to pay higher premiums in 2014

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Timmins, a city in Ontario, Canada, has renewed the final year of its contract with its municipal insurer, Timmins Press reported.

The city has approved the agreement with insurance broker BMT Insurance Brokers Ltd. for 2014.

The cost of the agreement in 2014 is up nearly 4% over the 2013 premium to $812,412 Canadian ($745,550).

A report said the premium is higher mainly because of increases in the replacement value of city-owned assets.

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