11-26-2018, 12:08 AM
(11-25-2018, 03:50 PM)danbrotherston Wrote: Surprisingly, I'm fairly aware of how insurance works.
I'm pointing out, that other cities *HAVE* had riots, but those riots have not cost anywhere near the 500k that's being suggested as an insurance policy.
Would you pay 500k per year to insure a 250k house?
Those other communities that have had riots have not had damages anywhere near that amount BECAUSE they are "over" policing the situation exactly the same way WRPS does. They were prepared for that increasingly likely eventuality and were able to keep it under control and limit the damages BECAUSE of their "over" preparation/cautiousness.
In fact the cost of policing these events locally is a bargain compared to other communities. Kingston spent $467,000 (561,153 in 2018 dollars) to control a crowd of 6,500 in 2007. So managing >22,000 people for $330,000 seems pretty efficient ($15/person vs. $86/person).
If bus load of drunk, un-invited visitors showed up to my house, yes I would probably want to buy extra insurance to make sure I'm covered should the party also destroy my neighbour's house and I'm liable.
And again you are equating the 500k incorrectly.
The police spent $330,000 on St Patrick's Day to prevent potentially $250k in damages at this event.
Then they spent $221,500 on Homecoming to prevent potentially $250k damages at this event.
There is potential for damage at each event at almost a 1:1 ratio.
That all said now, I just finished skimming a paper written by someone at Queen's has a reference of a meta-analysis that found the mean property damage of events like these between 1996 and 2001 in the US to be $40,000 (USD).
Do we even know what private landlords have spent cleaning up and repairing their properties along Ezra? Do their insurers charge them higher premiums for owning a property on Ezra?
So perhaps Dan is right, it is too high of an insurance premium to pay, but for the same reasons I have a 72 emergency kit prepared I still wouldn't want to take that risk.
Everyone move to the back of the bus and we all get home faster.