Thursday, July 31, 2014

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MTA Secures $200M Of Insurance Protection From Natural Disasters

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TWC News: MTA Secures $200M Of Insurance Protection From Natural Disasters
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After being hit by two huge storms two years in a row, the Metropolitan Transportation Authority has secured $200 million dollars of insurance protection.

It will help pay repair costs for any damages caused by natural disaster until August 2016.

This is the first "catastrophe bond" that specifically protects against hurricanes or tropical storms.

It's also the first time that the agency tapped into the capital markets to manage property damage risks.

Hurricane Sandy caused nearly $5 billion in damage across the MTA system.

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