5050 Casualty and Liability Costs

Casualty and liability costs are expenses related to loss protection and losses incurred by the transit agency. These expenses include: (a) compensation of others for their losses due to acts for which the transit agency is liable; (b) the costs of protecting the transit agency from losses through conventional insurance and other risk financing programs (e.g., self-insurance and insurance pools); and (c) agency losses due to the liable actions of others that are covered by other corporate insurance.

Note that refunds and paybacks received from state insurance pools are netted from Casualty and Liability Costs. Transit agencies often incur self-insurance costs. Note that premiums also include self-insurance costs.

Casualty and Liability Costs include the following:

1. Premiums for Physical Damage Insurance:
2. Premiums for Public Liability and Property Damage Insurance
3. Payouts for Insured Public Liability and Property Damage Settlements
4. Payouts for Uninsured Public Liability and Property Damage Settlements
5. Provision for Uninsured Public Liability and Property Damage Settlements:
6. Premiums for Other Corporate Insurance
7. Other Corporate Losses