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The TECO Historic Streetcar Inc., will pay $396,000 for a one-year, $100 million premium for liability insurance CSX Transportation Inc. requires for an Ybor City rail crossing, despite trying to negotiate a better arrangement with CSX.
David Mechanik, president of the nonprofit streetcar company, approved a policy with four carriers – XL, ARCH, Liberty and Steadfast – in the absence of a board quorum Tuesday.
Board policy forced Mechanik to choose an insurance policy – albeit reluctantly – given a Saturday deadline for resolving the insurance issue.
However, Mechanik and the three members of the board present agreed the board – which does not have a staff – must do better with insurance options than what the city's insurance liaison provided.
"We've got to get a more competitive set of quotes than in past years," Mechanik said.
The insurance cost, the streetcar's most significant operating expense, was $405,446 last year and $406,403 in 2010.
For the full article, visit the Tampa Tribune.
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