NS: Graniteville Crash to Cost $30M-$40M

NORFOLK, Va. — Norfolk Southern on Jan. 24 said it expects the first quarter 2005 to reflect expenses in the range of $30 to $40 million (pretax) relating to the Jan. 6 derailment at Graniteville, S.C.

The amount includes Norfolk Southern’s self-insurance retention under its insurance policies, as well as other uninsured costs. Although potential losses may exceed self-insurance retention amounts, NS expects at this time that insurance coverage is adequate to cover the potential claims or settlements. The amount does not include any fines or penalties that could be imposed.

Nine people were killed in the derailment and hundreds more were evacuated because of spilled chemicals.

Published in the February 2005 edition of The Cross-Tie.

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