United States Department of Transportation
i
Risk Management Manual for the Public Transit Industry – Vol. 1
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1988-08-01
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By MacDorman & Associates ...
[PDF-7.21 MB]
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Abstract:The goal of this manual is to acquaint transit systems with risk management and to explain how to develop, implement and administer a risk management program. Commercial insurance although a viable way of protecting an organization against loss, and the traditional approach for public agencies to handle risk, should be considered only as one option or element in the risk management process. It can be the most expensive option for protecting against loss, in direct monetary cost and in secondary costs such as reduced managerial control. While commercial insurance is used, as appropriate, generally to finance catastrophic losses, reliance on commercial insurance has become outdated. Organizations now take on broader responsibilities to control, manage and finance their risk through proactive and dynamic initiatives.
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