Aon Risk Solutions, the global risk management business of Aon plc, announced that their proprietary Shortline Railroad Excess Liability Facility in London has been renewed through 2018.
The Aon Shortline Railroad Excess Liability Facility, backed by the security of Lloyd’s of London and other highly rated commercial markets, provides up to $175 million of liability insurance to qualified buyers and is designed to sit excess of the current liability limits carried by the individual railroad subject to a minimum excess point of $25 million. The facility is available to eligible insureds, even if Aon did not place the underlying coverage.
Shortline railroads are expected to face increased liability requirements from regulation and contractual relationships, Aon said. In response to this trend, the broker said its rail team has worked with leading rail insurance markets to establish the Shortline Facility.
“Our clients need as many options as possible to help protect their respective businesses,” said Otis Tolbert, Rail Practice leader, Aon Risk Solutions. “Our team continues to identify innovative ways to help ensure the success of our clients. Simply enough, we want to enable clients to manage risk without sacrificing business goals.”
Placing more than $200 million in annual railroad premiums, Aon said its rail team operates in Baltimore, Chicago, Atlanta, London and Bermuda.
Source: Aon plc