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10/18/2005



Rail News: Rail Industry Trends

Underwriters association provides data-gathering tips for rolling stock insurers


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The Inland Marine Underwriters Association (IMUA) recently released a report highlighting information underwriters need to obtain to insure railroad rolling stock.

Entitled “Australian Rail Insurance,” the report states underwriters should gather the following basic information: rail equipments’ year, make, model, identification number and value. Critical detailed information includes the total value of freight shipped on the equipment for each of the past five years, a description of losses for each of the past five years, and the equipments’ accident history and total number of claims.

Insurers also will need to find out the type of freight and annual tonnage hauled by a railroad; details on hazardous material shipments; and a railroad’s routes, shared traffic, number of trains and total miles per week, train speeds, freight value per train, night operations and fatigue management programs.

“While the report has an Australian flavor, many of the ideas and concepts are transferable to U.S. exposures,” IMUA officials said in a prepared statement.

For more information, call IMUA at 212-233-0550 or send a fax to 212-227-5102.


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