Insurers Will Take Lead On Oil Rail Transport Safety Push
Law360, New York (January 23, 2014, 5:16 PM EST) -- A string of fiery derailments of trains toting crude oil has regulators and lawmakers mulling tougher rules for oil-by-rail transportation, but experts say insurers won't wait for Washington to act before pushing the oil and rail industries to make the fast-growing activity safer in order to cut down on their underwriting risks.
After meeting with U.S. Secretary of Transportation Anthony Foxx last week, oil and rail industry representatives agreed to enact a series of voluntary safety measures within 30 days, but mandatory regulations might still be a ways off. The Pipeline and Hazardous Materials Safety Administration, for example, said in a...
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