Both Caltrain and the Valley Transportation Authority have decided that their respective earthquake insurance policies were getting a little too hefty for their wallets. Therefore, both have terminated policies in order to trim costs, according to the Mercury News.
Having suffered minimal damage during recent quakes, but faced with doubled premiums, the two decided a change was necessary.
Caltrains’ annual premium was set to double this year, while VTA’s would have skyrocketed to more than 100 percent from last year.
Several other transportation agencies that are covered have indicated they do not plan at this time to terminate their policies.
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