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    Thursday, April 25, 2024

    Claims keep driving up insurance costs

    What the article, “New London renews insurance after search for new carrier,” (June 30), failed to disclose in the recent reporting of the increase insurance cost to the City of New London is; until all the present lawsuits and claims are settled the premium cost will continue to escalate.

    It takes between three to five years after all claims are paid off before any reductions are even considered by the insurance underwriters. Anyone who knows New London’s history of lawsuits and injuries will tell that there will always be insurance claims as part of New London’s doing business. The lawsuits for the claims concerning deaths will make the current insurance cost look like a bargain deal.

    This insurance cost issue is surely going to be the root of the cause for the bankruptcy of New London because thing are never going to change in the way it is done in this city. Taxpayers of New London should not expect any possibility of reduction in insurance costs before 2021 even if all claims are settled this year and there are no further incidents of loss — and that is a dream!

    Jeff Suntup

    New London