Business Insurance 03/05/2023- Ohio Train Derailment Puts Focus on Railroad Insurance, Risk Management

The attached article posted by the Business Insurance Magazine focuses on the Feb. 3 derailment and chemical spill involving a freight train carrying hazardous materials operated by Norfolk Southern Corp. in East Palestine, Ohio, the event is likely to trigger claims on a widening web of property and liability insurance policies, experts say. Dr. Robert Hartwig states, “The insured loss will most likely exceed $50 million and could exceed $100 million.” Property damage claims will be significant, but the potential environmental loss is “harder to get a handle on,” Dr. Hartwig said. “Norfolk Southern will likely penetrate its insurance and exceed its self-insured retention, but it will take time for litigation against the company to be consolidated by the courts and for cases to proceed.” Click here to access the full article.