BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
The Metropolitan Transit Authority, whose Metro-North Railroad train derailed Sunday in New York and resulted in four deaths and dozens of injuries, is partially self-insured, a spokeswoman said Monday.
Some 100 to 150 people reportedly were on an early morning train from Poughkeepsie, N.Y., when it rounded a bend in the Bronx near the Henry Hudson Bridge and derailed. Officials said in addition to the four killed, more than 60 were injured.
The MTA has a captive insurer that was established in 1997, First Mutual Transportation Assurance Co., that provides coverage including general liability, property and terrorism, according to the captive's report on its 2013 annual board meeting.
Concerning third-party claims for injury and property damage, the MTA spokeswoman said the agency maintains an all-agency excess liability policy insured by the captive for $50 million per occurrence, which provides coverage in excess of the Metro-North Railroad's self-insured retention of $10 million per occurrence.
Additionally, the MTA maintains $350 million in liability coverage through the commercial markets that is in excess of the $50 million coverage layer provided by the captive, the MTA spokeswoman said in a statement.
The agency also maintains an all-agency property insurance program covering the Metro-North Railroad, with a $25 million deductible per occurrence for damage to MTA equipment, according to the spokeswoman.
The property program provides replacement cost coverage for direct physical loss or damage to all real and personal property, with minor exceptions, according to the captive’s report. It also provides extra expense and business interruption coverage.
The captive is “fully reinsured in the domestic, London, European and Bermuda marketplaces for (property) coverage,” according to the captive’s report.
The captive is managed by Marsh Management Services Inc. in Melville, N.Y., according to a June 2012 letter from the New York State Department of Financial Services to Benjamin M. Lawsky, the department’s chairman.
A Marsh spokesman declined comment.
The railroad involved in July's deadly derailment and explosion of a runaway train in Quebec has had a significant decline in the volume of commodities it transports, including the volume of dangerous goods, said a Canadian regulator Wednesday in extending its permit to continue operations until Feb. 1, 2014.