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Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada's second-largest rail operator said on Thursday.

Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada's second-largest rail operator said on Thursday.

The move will catapult a credit union to become one of the largest P&C insurance providers in Canada.

In the event of a mass-casualty accident involving the derailment of a crude-carrying train in a densely populated urban area, who would be responsible for the compensation for deaths, injuries, damage to property and environmental clean up?

In the event of a mass-casualty accident involving the derailment of a crude-carrying train in a densely populated urban area, who would be responsible for the compensation for deaths, injuries, damage to property and environmental clean up?

A passenger train operated by Metro-North derailed at a curve near the Spuyten Duyvil Station in the Bronx, N.Y. spilling seven cars off the tracks. Read about the derailment and its potential insurance implications.

Whether it carries sticks (lumber for new homes) or stones (aggregate and sand for new concrete), or coal to power an electric plant so we can heat our homes in winter, a train often represents holidays.

Adjusters for both p&c insurance carriers and self-insured industries such as utilities, railroads and pipelines will encounter wide-reaching claims involving hazardous materials in the years to come.