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We are a party subject to routine litigation incidental to our business, primarily involving claims for bodily injury, property damage, cargo and workers’ compensation incurred in the transportation of freight.
−Removed: We have maintained a self-insurance program with a qualified department of risk management professionals since 1988.
−Removed: These associates manage our bodily injury, property damage, cargo and workers’ compensation claims.
−Removed: An independent actuary reviews our calculation of the undiscounted self-insurance reserves for bodily injury, property damage and workers’ compensation claims at year-end.
−Removed: We renewed our liability insurance policies on August 1, 2019 with the same deductibles and aggregates that first became effective with the August 1, 2017 renewal.
−Removed: For the policy years August 1, 2017 through July 31, 2020, our self-insured retention (“SIR”) and deductible amount is $3.0 million , plus administrative expenses, for each occurrence involving bodily injury or property damage.
−Removed: We also have an annual $6.0 million aggregate for claims between $3.0 million and $5.0 million and an additional $5.0 million deductible per claim for each claim between $5.0 million and $10.0 million .
−Removed: As a result, we are responsible for the first $10.0 million per claim, until we meet the $6.0 million aggregate for claims between $3.0 million and $5.0 million.
−Removed: Our SIR/deductible was $2.0 million for policy years from August 1, 2004 through July 31, 2017, and we were also responsible for varying annual aggregate amounts of liability for claims in excess of the SIR/deductible.
−Removed: For the policy year August 1, 2016 through July 31, 2017, we had an annual $8.0 million aggregate for claims between $2.0 million and $5.0 million and an annual aggregate of $5.0 million for claims between $5.0 million and $10.0 million.
−Removed: We maintain premium-based liability insurance coverage with insurance carriers substantially in excess of the $10.0 million per claim, to coverage levels that our management considers adequate.
−Removed: See also Note 1 and Note 8 in the Notes to Consolidated Financial Statements under Item 8 of Part II of this Form 10-K.
−Removed: We are responsible for workers’ compensation claims up to $1.0 million per claim and have premium-based insurance coverage for individual claims above $1.0 million.
−Removed: We also maintain a $26.6 million bond for the State of Nebraska and a $10.4 million bond for our workers’ compensation insurance carrier.
−Removed: Information regarding the May 17, 2018 adverse jury verdict and subsequent final judgment on July 30, 2018 in Harris County District Court in Houston, Texas, is incorporated by reference from Note 8 in the Notes to Consolidated Financial Statements under Item 8 of Part II of this Form 10-K.
+Added: For more information about our insurance program and legal proceedings, see Item 1A, Risk Factors – “Our earnings could be reduced by increases in the number of insurance claims, cost per claim, costs of insurance premiums or availability of insurance coverage”, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates, and Item 8, Financial Statements and Supplementary Data – Note 1 and Note 9.
MINE SAFETY DISCLOSURES
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.