Thank you, Madam Chair. All government assets are covered under our insurance program. We are self-insured for the first $10 million, but we do buy insurance for over and above that. So on an annual basis, if we had losses of some small equipment in a community or region of a few hundred thousand dollars, we would end up paying for the full shot of replacement. That would happen until we hit the $10 million figure. Then we would kick into our insurance program that we paid for. So it's a cumulative amount. It's not going to be on every case, but it adds up to that first $10 million we would end up having to pay for. So if we had some losses of buildings or infrastructure of $1 million or $2 million, we would end up paying for that up front until we hit the $10 million figure. Once we hit that figure, then our insurance program kicks in. That's where we have our savings. That's why we feel it's important to increase our risk side of our equation to make sure that we don't end up paying a lot more. Thank you.
Floyd Roland on Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
In the Legislative Assembly on March 18th, 2004. See this statement in context.
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
March 17th, 2004
Page 75
See context to find out what was said next.