Railroad Protective Liability Insurance in Vermont
What is Railroad Protective Liability Insurance?
Performing contract work on or near railroad property presents a unique risk, as the work can potentially interrupt railroad operations. If a business interrupts the movement of trains or other operations, the business could be held responsible for any financial impact that the interruption has. Railroad protective liability insurance may offer contractors who work on or near railroads in Vermont protection against this specific risk.
Railroad protective liability insurance is a unique commercial insurance that only select businesses need. Because it’s so unique, businesses that need the coverage should work with an experienced agent who specializes in the coverage when looking for a policy.
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Does General Liability Coverage Extend to Work Performed Near Railroads?
While commercial general liability coverage protects against a range of risks, interruptions in railroad operations usually isn’t one of those risks. Most general liability policies exclude contract work that’s performed within a specific proximity (e.g. 50 feet) of a railroad’s lines, stations or other property.
Railroad protective liability coverage is generally designed to fill in this gap and normally covers work that commercial general liability excludes on account of this particular reason.
Do Contractors Who Purchase Railroad Protective Liability Coverage Need General Liability Coverage?
Railroad protective liability coverage typically to provide protection against a fairly narrow set of possible risks, and it’s not usually intended to replace general liability coverage. Most contractors who purchase railroad protective liability should keep their general liability in place.
What Businesses in Vermont Need Railroad Protective Liability Coverage?
The majority of businesses that perform contract work on or near railroad property in Vermont, including tracks, stations and railroad-owned land, need railroad protective liability coverage.
In most cases, businesses that must contract with a railroad in order to complete their work (regardless of whether the work is done for the railroad or another business) are required by the railroad to carry this coverage. Railroads often won’t issue contracts until a certificate of insurance proving that railroad liability coverage meeting the railroad’s minimum requirements is in place.
(A certificate of insurance is a document that shows insurance has been purchased. It’s commonly issued when a liability policy is taken out, and an agent can help obtain more copies if businesses need additional certificates.)
Who is the Named Insured on a Railroad Protective Liability Policy?
Although a railroad protective liability policy is typically purchased and paid for by a contractor, the named insured on a policy normally is the railroad company. This is because the policy is generally intended to cover financial losses that the railroad incurs if their operations are disrupted by a covered incident.
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St Albans, VT 05478