Network Rail has signed a six-year contract with the UK insurer QBE, designed to provide additional cover for the rail operator during the next phase of its government funding.
The new programme will provide business interruption, layer property and cross class general liability and EL insurance above Network Rail's captive retention.
Measures also include a claims cooperation memorandum of understanding, which is designed to provide Network Rail with the necessary flexibility to effectively crisis manage.
The contract is hoped to provide Network Rail with certainty during Control Period 4 (CP4) which runs from 2009 to 2014.
Network Rail is expected to publish its CP4 business plan in March 2009.
QBE, one of the UK's largest insurers of business risk, has been insuring Network Rail's operations since 2002.
By staff writer
