NY comptroller urges more insurance for rail oil spills

The Associated Press

New York state's comptroller is urging federal authorities to strengthen safety measures against oil spills and require trains to carry sufficient insurance to cover cleanup costs from major accidents.

 

ALBANY, N.Y. (AP) — New York state's comptroller is urging federal authorities to strengthen safety measures against oil spills and require trains to carry sufficient insurance to cover cleanup costs from major accidents.

Comptroller Thomas DiNapoli is administrator of New York's Oil Spill Fund. He cites a U.S. Transportation Department finding that oil shippers and rail companies carry insurance that may be insufficient to cover a serious accident involving tankers carrying crude oil or other hazardous materials.

In a letter to the department and the Federal Railroad Administration, DiNapoli says a review of Securities and Exchange Commission filings shows CSX Corp. is self-insured for $25 million for "non-catastrophic" property damage and $50 million for natural catastrophes.

He says Canadian Pacific Railway filings lack information.

They are the two major carriers of crude oil in New York.

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