Posts Tagged ‘Losses’
Railroad Risk Management – Prevent Railway Accidents Before They Happen
Railroad accidents can be incredibly expensive for insurance companies providing railroad insurance as well as any company with a railway insurance coverage policy. Railroad engines, cars and equipment can cost up into the millions of dollars and when you add in the cost of damage to right-of-ways and loss-of-use the bill can get staggering.
Beyond the cost of the hardware involved in a railroad accident there are often bodily injury or death claims that can add astronomical sums to the final payout. Railroad risk management is how to control these costs. Read the rest of this entry »
Railroad Claims Adjusters – Expert Investigation to Mitigate Losses
First Rule: Use Experienced Railroad Claims Adjusters
When an accident claim is filed involving a railroad your first step should be to call in experienced railroad claims adjusters. Thousands of accidents happen each year involving railroads and the railroad companies have long established systems for dealing with them. Insurance claims adjusters without extensive background in railway rules and operations are at a serious disadvantage.
Typically the railroad issues a claim against the insuring company using a set of internal guidelines and formulas that may have little to do with what damages actually were suffered and whether the insured is even liable. A further complication is that each railroad has its own rules and formulas for determining damages which require years of experience to understand.