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Tollway committee recommends liability insurance renewal and extension of owner-controlled insurance program tied to Canadian Pacific agreement
Summary
The Finance and Audit Committee recommended placing on the May board agenda a one-year liability insurance renewal (premium not to exceed $6.3 million) and an extension of the owner-controlled insurance program required under the Tollway's definitive agreement with Canadian Pacific Railroad (contract 21-0155; amount not to exceed $5,464,000).
At a Finance and Audit Committee meeting of the Illinois State Toll Highway Authority, staff recommended the board be asked to approve a one-year renewal of the authority's liability insurance program and to extend an owner-controlled insurance program (OSIP) required by the Tollway's definitive agreement with Canadian Pacific Railroad.
Kevin, a staff presenter, said the recommended liability program would run from June 1, 2025, to June 1, 2026, and use the CMS master contract for insurance broker services. The recommended…
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