Authors: Kevin Woods Brad Burtram Jason D. Majewski
From the difficulties of complying with the expanded insurance requirements imposed by the FAST Act to the possible consequences of the Rail Safety Act of 2023 that aims to enforce strict safety measures, the industry is confronted with operational obstacles and regulatory pressures. Additionally, there's a rise in operational expenses and more stringent insurance conditions. Furthermore, with the ever-changing cyber threats and the expansion of Directors and Officers (D&O) liabilities, the need for comprehensive risk management strategies becomes increasingly pressing.
This report summarizes the fundamental changes in the market and the significant shifts in the rail industry, while also providing practical insights in light of these transformative forces.
