Trains carrying crude oil will be restricted to a 40 mile-per-hour speed limit in populated areas such as New York under an order by the U.S. Department of Transportation in response to a series of derailments.
BNSF Railway Co. was sued by a trade group for 400 U.S. refining and petrochemical makers objecting to a $1,000 surcharge the rail transporter of crude oil tacked onto older-model tank cars.
Video images of a fireball billowing from the wreckage of a derailed train hauling Bakken crude are adding to pressure on federal regulators to act on new safety standards for oil shipments.
By and large, insurance buyers will find a more favorable rate environment these days when renewing their General Liability coverage. Even problematic risks likely will not face the double-digit rate hikes they have had to accept in recent years.
The Obama administration proposed phasing out older tank cars tied to a deadly derailment a year ago and lowering speed limits as part of a set of new rules intended to reduce the risks of hauling crude oil by rail.
The Obama administration proposed phasing out older tank cars tied to a deadly derailment a year ago and lowering speed limits as part of a set of new rules intended to reduce the risks of hauling crude oil by rail.