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Lawsuits drive City of Revelstoke insurance rates up
The City of Revelstoke will pay more for liability insurance in 2014 due to an increase in the number of lawsuits against the city.
The rate is set to increase by 11.6 per cent from about $62,760 to $72,800 annually next year.
The reason? About five lawsuits in the past year have driven the city’s “higher experience rating surcharge” up by 34 per cent, explained City of Revelstoke finance director Graham Inglis.
In other words, like your home or auto insurance, if you make claims, your rates go up.
Council will explore options to save at their Oct. 22 meeting, such as upping the deductible from $10,000 per claim to $20,000 or more. However, a staff report recommends keeping the deductible at $10,000 after a review of the city’s claims history and future risk.
Update, Oct. 23.
At their Oct. 22 meeting, council opted to stick with the $10,000 deductible. There was no discussion of the item at the council table.