Amtrak insurance appeal leads to partial victory

Amtrak insurance appeal train railway
Auto insurance data spat could lead...
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The railroad service has now secured a part win in U.S. appellate court in a case dating back to Superstorm Sandy. The latest Amtrak insurance appeal has left the railroad with a partial victory. This is the result of the newest step from the company to obtain insurance coverage payments following Superstorm Sandy. The massive 2012 hurricane caused over $1 billion in damages to the railroad service. Since that time, Amtrak has been trying to recoup some of those losses through its insurance policies. The latest ruling was in the…

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Insurance news in Canada has increased coverage requirements for oil trains

rail insurance news industry train transportation

The country is now demanding that rail vehicles transporting oil must have additional protection against spills and explosions. According to the Transport Minister of Canada, Lisa Raitt, has made an insurance news announcement that has said that the country will be increasing the amount of coverage that railways will be required to carry when they are transporting crude oil. Shippers will also have a levy imposed upon them in order to help to pay for the cost of major accidents. This insurance news comes at a time in which the…

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Insurance news could be changing for coverage for oil-by-rail risks

Insurance news Lac Megantic train derailment

The Canadian government is looking into broadening the burden for protection against disasters. According to a recent insurance news announcement made by a government official in Canada, it is considering the expansion of the coverage burden for disasters occurring in crude-by-rail transportation. It is also thinking about developing a special fund comparable to the one once established for maritime oil spills. The insurance news could be tremendous to the industry, which continues to reel from the catastrophe that occurred when an oil train lost control and exploded in the province…

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Rail insurance coverage may not be sufficient for oil train crashes

rail insurance news industry train transportation

At the moment, the maximum available coverage per carrier, per incident is $1 billion. According to a recent Department of Transportation (D.O.T.) analysis of its own rules with regards to rail insurance, the majority of freight railroad policies would not even start to cover the complete cost of the damage that could be caused by a moderate accident involving an oil train, let alone a massive disaster. The database of the D.O.T. has flaws with regards to incidents involving oil trains. The reason that the database of the D.O.T. is…

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Insurance industry sees a shift in oil transportation regulations in the US

rail insurance news industry train transportation

Federal agency believes that current insurance policies are unable to account for the cost of major train crashes and derailments The U.S. Department of Transportation has released a statement noting that insurance policies covering railroads that transport oil may not be sufficient. The statement suggests that these policies are unable to account for the costs associated with crashes and derailments of oil trains. Last week, the federal agency proposed new safety rules that would require railroads to hold a higher level of insurance coverage, which may be good news for…

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Insurance news from Lac-Mégantic means higher costs for railways

Insurance news Lac Megantic train derailment

The Canadian Transportation Agency is now conducting a review of minimum coverage amounts. Following the railway disaster in Lac-Mégantic, Quebec, Canada, the Canadian Transportation Agency (CTA) is making insurance news by holding a review of the minimum coverage amounts that railways must carry. The coverage at the Lac-Mégantic crash was covered only to a small fraction of the total estimated damages. The federal regulators added to their insurance news announcement by saying that they will be starting consultations on coverage for railway companies in the next few months. The review…

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