Railway Preservation News :: View topic - Insurance costs

Railway Preservation News https://www.rypn.org/forums/

Insurance costs https://www.rypn.org/forums/viewtopic.php?f=1&t=3052	Page 1 of 1

Author:	Bob Yarger [ Mon Apr 22, 2002 1:36 pm ]
Post subject:	Insurance costs
I note on the Park Trains list that several operators of minature railroads have been hit with substantial increases in liability insurance premiums. Any such problems in 1:1 prservation operations? bobyar2001@yahoo.com

Author:	Dale [ Mon Apr 22, 2002 2:11 pm ]
Post subject:	Re: Insurance costs
Although I am not directly involved in our insurance negotiations, I have had to provide input. We are currently having to switch carriers. It is unknown at this time what our liability is going to cost us. Higher than last year I am sure. Dale Grice Operations Manager Southeastern Railway Museum > I note on the Park Trains list that several > operators of minature railroads have been > hit with substantial increases in liability > insurance premiums. Any such problems in 1:1 > prservation operations?

Author:	BobK [ Mon Apr 22, 2002 3:17 pm ]
Post subject:	Re: Insurance costs
Yes, It seems that a real insurance crisis is developing. An additional re railing insurance is also required. I have heard that this is because of some past derailments by excursion operators. Robert@trainorders.com

Author:	David Dewey [ Mon Apr 22, 2002 3:19 pm ]
Post subject:	Re: Insurance costs PIC
> I note on the Park Trains list that several > operators of minature railroads have been > hit with substantial increases in liability > insurance premiums. Any such problems in 1:1 > prservation operations? YES!! It is why 4449 is reportedly not doing any more excursion trips in the forseeable future (but note my other recent post about the ArtTrain, maybe non-excursion trips are being planned?) I have heard all sorts of bemoaning about the sharply increased costs of insurance; however, our live steam club just renewed at last year's prices. Hmmm. S' David D. djdewey@cncnet.com

Author:	Brian Norden [ Mon Apr 22, 2002 9:56 pm ]
Post subject:	Re: Insurance costs
> I note on the Park Trains list that several > operators of minature railroads have been > hit with substantial increases in liability > insurance premiums. Any such problems in 1:1 > prservation operations? The Board that I sit on has been told that our rates for our liability insurance will be going up significantly. We are told there are two current problems with the insurance business. One is the re-insurance situation after 9/11. The other is the very flat return rate on investments of all kinds. The insurance companies invest the premiums to earn money for payouts. With the flat return rate the companies are raising the rates to cover. Brian Norden OERM bnorden49@earthlink.net

Author:	Jim Jake Templin [ Mon Apr 22, 2002 10:05 pm ]
Post subject:	Re: Insurance costs
We aren't currently operating any trains on our rairoad at Reader (we do have stuff out on lease though) and the insurance for our shop and non public access grounds has doubled since 9/11.

Author:	Richard R Anderson [ Mon Apr 22, 2002 11:59 pm ]
Post subject:	Re: Insurance costs
Insurance costs have nearly doubled this year for the Northwest Railway Museum. Two major carriers that used to underwrite railway museums - St Paul & CNA - don't anymore. This is probably the single biggest factor in the rising cost of premiums. But several museums - including us - have had to increase our policy limits to $6 million for Day Out With Thomas(TM). This has contributed to higher premiums too. --Richard > We aren't currently operating any trains on > our rairoad at Reader (we do have stuff out > on lease though) and the insurance for our > shop and non public access grounds has > doubled since 9/11. Northwest Railway Museum rra@trainmuseum.org

Author:	Jim Adams [ Tue Apr 23, 2002 3:38 pm ]
Post subject:	Re: Insurance costs
> Insurance costs have nearly doubled this > year for the Northwest Railway Museum. Two > major carriers that used to underwrite > railway museums - St Paul & CNA - don't > anymore. This is probably the single biggest > factor in the rising cost of premiums. But > several museums - including us - have had to > increase our policy limits to $6 million for > Day Out With Thomas(TM). This has > contributed to higher premiums too. > --Richard Richard; Our share of the City Liability Policy went from $141 last year to $791 this year and our IC2500 is a static display open to the public only on special arrangement or certain holidays. Jim rrfanjim@mvn.net

Author:	Jim Herron [ Wed Apr 24, 2002 1:13 am ]
Post subject:	Re: Insurance costs
Our museum carries $5 Million in liability insurance. In December, 2001, the carrier we had used quoted an increase from $ 9500 to $ 40,000 for 2002. Fortunately, our agent found another source and the cost was $11,500, up $2,000 from the previous year. We have never had a derailment or a reportable incident since we began operating in 1993. -Jim Herron hrvideo@mindspring.com

Page 1 of 1	All times are UTC - 5 hours [ DST ]
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group http://www.phpbb.com/