National Academies Press: OpenBook

Shared-Risk Insurance Pools for Transit Agencies: A Guide (2023)

Chapter: Chapter 1 - Introduction

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Suggested Citation:"Chapter 1 - Introduction." National Research Council. 2023. Shared-Risk Insurance Pools for Transit Agencies: A Guide. Washington, DC: The National Academies Press. doi: 10.17226/27419.
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Suggested Citation:"Chapter 1 - Introduction." National Research Council. 2023. Shared-Risk Insurance Pools for Transit Agencies: A Guide. Washington, DC: The National Academies Press. doi: 10.17226/27419.
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Below is the uncorrected machine-read text of this chapter, intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text of each book. Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.

1   NCHRP Research Report 1079: Shared-Risk Insurance Pools for Transit Agencies: A Guide (here- inafter referred to as the Guide) presents a phased process for establishing a shared-risk insur- ance pool (pool). Once the pool is initiated, this Guide can be implemented by phase to form all the elements required to integrate a transit liability shared-risk pool. 1.1 Audience The Guide is intended to be accessible to transit agency staff with limited insurance experi- ence. For that reason, the research team recommends that readers refer to the glossary as needed to refresh/expand their understanding of insurance-related topics. 1.2 Purpose The Guide has two purposes: • To provide transit agencies with the tools to evaluate whether a shared-risk pool could better serve their needs for managing their risk of loss. • To explain how transit agencies can establish a shared-risk pool. The Guide details each phase of establishing and operating a pool. It also provides a glossary, and a references and resources section as well as several appendices, including best practices (Appendix D) to supplement the Guide. Guidance on completing an exploratory study is followed by guidance on conducting a feasibility study on the use of a pool for transit operating agencies and their stakeholders. The Guide briefly describes the decision-making process on whether to proceed with forming a pool and then outlines each significant step from creating a mission statement to establishing organizational documents, including governance and management, and operations of the pool. This Guide does not address all potential issues that could be encoun- tered in establishing and operating a pool. Figure 1 shows the phases of the Guide. C H A P T E R 1 Introduction

2 Shared-Risk Insurance Pools for Transit Agencies: A Guide Figure 1. Phases of the Guide.

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Transit agencies are finding it increasingly difficult to find, purchase, and maintain adequate and affordable insurance coverage for public transit vehicles. The number of smaller insurance providers is decreasing due to the volatile nature and demands of the insurance industry and insurance coverage requirements in general.

NCHRP Research Report 1079: Shared-Risk Insurance Pools for Transit Agencies: A Guide, from TRB's National Cooperative Highway Research Program, explains how insurance pools function, how to evaluate the feasibility of a shared-risk insurance pool, and how to establish and manage this type of pool.

Supplemental to report is a presentation and NCHRP Web-Only Document 374: Developing a Guide to Shared-Risk Insurance Pools for Transit Agencies: Conduct of Research Report.

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