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$2M each, right? Right?!
I agree this seems low, but this is just a settlement with the city. Hopefully they'll get more from other organizations.
One of the many things that suck about these situations is that the money comes from the community, so they get the worst outcomes on both sides no matter what.
It comes from the insurance companies pocket to whom the community has been paying premium for a long time. It has been paid for such an eventuality. Maybe the premium might go up a bit but the whole amount doesnt come from communities pocket.
Communities will pay well over 2 million in increasing premiums assuming they can even get insurance after this.
Eventually with decent preventive measures that too can come down. The need is political will to change.
Well that’s true in many cases, and may well be in this case. In some though, the city is self insured, in which case it comes from a fund set aside by the city. In others, if not covered by insurance, it can come from the coffers directly. So directly or indirectly - immediately or paid over time, it still comes from the community.
The news article mentioned that the settlement was reached between the city, the families and the insurers.