By July 29, 2015 0 Comments Read More →

Oil train insurance minimums in question

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July 29, 2015 | Business Insurance| A little more than two years have passed since an unattended runaway train from the now-bankrupt Montreal, Maine & Atlantic Railway Co. derailed and crashed, spilling oil that caught fire in Lac-M├ęgantic, Quebec, and killing 47 people.

Within the past two years over a dozen trains transporting crude oil have derailed in North America. And while there are still no U.S. regulations regarding minimum insurance coverages for these trains, Canada’s government in July approved the Safe and Accountable Rail Act, which consists of a new liability and compensation program requiring the rail industry and crude oil shippers pay for minimum levels of insurance ranging from $25 million to $1 billion.

[Read the entire article here.]

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