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John Swift QC, the Rail Regulator, today issued revised guidance for the industry on insurance against third party liability.
Introducing the third edition of his guidance, Mr Swift said,"When I issued my consultation document in August last year I included revised guidance in draft. The majority of respondents supported the changes which I proposed. They have therefore been incorporated in this new edition. These include important extensions of cover for activities undertaken by contractors and sub-contractors on behalf of railway operators, and simplification of the requirements on operators in relation to self-insurance.
"The consultation document also announced the introduction of a consultation-based approach to issues affecting my insurance functions. I intend to consult the industry annually on changes to the guidance. I will aim to balance the benefits of stability with the need to allow changes which benefit third parties and the industry."
The consultation document also sought views on a number of wider issues relevant to the railway industry third party liability insurance regime. Many consultees contributed views and further work will be undertaken on these issues over the coming months. In particular, as indicated in the consultation document, the Regulator intends to establish a group to explore the issues raised by privately-owned passenger coaches and freight wagons.
Notes to Editors
1. All licensed operators are required to have satisfactory insurance against third party liability which is approved by the Regulator.
2. Copies of "Guidance on Insurance Against Third Party Liability (Third Edition - January 1997)", which is published as Enclosure 2 in the package "Guidance on Licensing of Operators of Railway Assets", are available free of charge.
3. Copies of "Guidance on Insurance Against Third Party Liability: a Consultation Document" - August 1996 - are also available.
