by NYCRRson
"BTW.... I was told that Class 1 RR dont need insurance. they got tons of money to pay for any cost for any incidents.. Im not sure if NYSW have insurance or not..."
Generally there are no laws requiring liability insurance for private companies operating on their own property. If you own a home (really own it with the mortgage paid off) then there are no laws requiring liability insurance. It is of course wise to have the insurance so some id'jit doesn't trip on a crack in your driveway and try to sue you.
Large corporations generally "self insure" (they plan on a certain amount of payouts for losses) and set aside some reserves for that purpose. They probably also have a "real disaster" insurance policy underwritten by a group of insurance companies. This might be a 100 million dollar policy that only covers losses after the corporation shells out the first 100 million dollars for a single event.
The World Trade Center Towers that where destroyed on 9/11 where covered by such a total loss insurance policy, of course nobody ever imagined that the building could be a total loss. There was a court fight afterwards, the insurance company said it was a single event and only wanted to pay for one building. The building owners argued that is was two separate events, the building owners (the Port Authority of NY and NJ, a quasi government agency) won and got paid for the value of two buildings.
Cheers, Kevin.
Generally there are no laws requiring liability insurance for private companies operating on their own property. If you own a home (really own it with the mortgage paid off) then there are no laws requiring liability insurance. It is of course wise to have the insurance so some id'jit doesn't trip on a crack in your driveway and try to sue you.
Large corporations generally "self insure" (they plan on a certain amount of payouts for losses) and set aside some reserves for that purpose. They probably also have a "real disaster" insurance policy underwritten by a group of insurance companies. This might be a 100 million dollar policy that only covers losses after the corporation shells out the first 100 million dollars for a single event.
The World Trade Center Towers that where destroyed on 9/11 where covered by such a total loss insurance policy, of course nobody ever imagined that the building could be a total loss. There was a court fight afterwards, the insurance company said it was a single event and only wanted to pay for one building. The building owners argued that is was two separate events, the building owners (the Port Authority of NY and NJ, a quasi government agency) won and got paid for the value of two buildings.
Cheers, Kevin.
(And go easy on me next time
