| | 
Archive
1996-08-22 ORR-001
Office of the Rail Regulator
Regulator launches insurance consultation document
keywords: click to search
 insurance
Office of the Rail Regulator
ORR
notes
ORR/96/19
Words in [single square brackets] included hyperlinks in the original document
Words in [[double square brackets]] are editorial additions or corrections
Words in [[[triple square brackets]]] indicate embedded images or graphics in the original document. (These are not usually archived unless they contain significant additional information.)
< operators’ contracts index
| | |
Press release
Office of the Rail Regulator
Regulator launches insurance consultation document
Mr John Swift QC, the Rail Regulator, who has a responsibility under licensing provisions for approving Railtrack and train operators' insurance against third party liability, today launched a consultation document seeking the views of the railway industry, insurance brokers, insurers and other interested parties on his proposed changes to the insurance guidance published by the Regulator's Office.
One of the key issues tackled by the document is the question of cover for activities undertaken by contractors and sub-contractors on behalf of licensed operators. Proposals are also made for a process for tackling the questions raised in respect of private freight wagons. It also proposes a formal consultation process as a regular part of an annual cycle of insurance activity.
Mr Swift said :" Any insurance market in the industry must be based on adequate knowledge and on an understanding of the requirements and risks of railway operations among the insurance community.
"It should also foster competitive activity allowing premiums which are affordable to small operators and proportionate to the risks brought to the industry by each insured party.
"Where no alternatives exist, joint insurance arrangements must be equitable, both in the way costs are apportioned and in providing participants with a say in the management of the arrangements, " he said.
Mr Swift said the Rail Industry Disputes Resolution Committee would be reviewing shortly the arrangements that he approved for allocating liabilities between operators and handling claims. The Claims Allocation and Handling Agreement (CAHA) was an integral part of the third party liability insurance arrangements for the industry, so it was vitally important that it worked effectively.
"The industry has perhaps not fully appreciated the importance of CAHA and may not have given it sufficient attention to its implications in the past", Mr Swift said adding, " I intend to participate fully in the CAHA review and believe it will be in the best interests of rail operators and others to similarly play an active and constructive part in that review."
Copies of "Guidance on Insurance Against Third Party Liability -- A Consultation Document" are available free of charge from Sue MacSwan, ORR Library.
Railnews Archive ::: 1996-08-22 ORR-001
| | | |
| | |
