TORONTO, Feb. 20, 2015 /CNW/ - Today, the Honourable Lisa Raitt, Minister of Transport, announced the introduction of the Safe and Accountable Rail Act to help ensure the safe transportation of dangerous goods on federally regulated railways. Insurance Bureau of Canada (IBC) welcomes the changes introduced by the government as they will help ensure adequate insurance is in place when high volumes of dangerous goods are being transported by rail.
"IBC and the insurance industry support the changes made today by the Government of Canada," said Don Forgeron, President and CEO, IBC. "Insurance plays a significant role in the Canadian economy, it assumes the risk so that business transactions can occur, storefronts can open and goods can be transported across the country and internationally. Making sure adequate insurance is in place is vital, and this legislation aims to do just that for the transportation of dangerous goods."
Bill C-52 proposes, among other things, minimum levels of liability insurance for railways. These levels will be based on the type and volume of dangerous goods being transported. Railways will have to demonstrate that they have insurance coverage before the Canadian Transportation Agency (CTA) will issue the certificate needed for them to operate.
"We look forward to working with the government to continue to make Canada's railways and communities safer for all Canadians," Forgeron added.
For more information about the Safe and Accountable Rail Act, visit www.tc.gc.ca.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2-ASK-IBC.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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