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From page 3...
... 3   2.1 Why Transit Insurance? Insurance is essential to transit agencies because it protects them against the risk of unusually large losses (e.g., from a series of accidents or a single catastrophic accident)
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... 4 Shared-Risk Insurance Pools for Transit Agencies: A Guide • Captive insurance: A captive insurer is a legal organization whose insurance business is primarily supplied and controlled by its owner and affiliates, who are its principal beneficiaries. A captive insurer has the same legal restraints and limitations as a commercial insurer.
From page 5...
... Transit Insurance Basics 5   2.5 Why Is the Insurance Cost Cycle Important? Insurance industry pricing cycles between soft and hard market conditions (see Figure 3)

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