New Jersey Seeks Premium Refunds for Scrapped Tunnel Project

March 1, 2011

New Jersey is negotiating to reclaim part of nearly $162 million paid to insure the Hudson River rail tunnel project that Gov. Chris Christie scrapped four months ago.

An official says locking in insurance coverage saved taxpayers millions because it insulated the project from potential price increases.

NJ Transit told The Record newspaper it is negotiating with a group of 20 insurance companies.

NJ Transit’s government and external affairs chief Paul Wyckoff told the newspaper in a written response the talks are focused on protecting taxpayers.

Christie scrapped the $8.7 billion project, which sought to double rail passenger capacity between New Jersey and Manhattan, because of potential cost overruns.

Topics New Jersey

Was this article valuable?

Here are more articles you may enjoy.