Florida plans to purchase up to $200 million in liability insurance over the next three years as it begins construction of what could become a statewide railroad system that eventually connects Tampa to Orlando to Miami.
State lawmakers during a December special session approved the insurance purchase as part of a broader agreement intended to help lure nearly $4 billion in federal aid. State officials hope the legislation will free up the federal funds by showing Florida's commitment to two planned rail projects in Central Florida and an existing line in South Florida.
Florida is buying liability insurance because the state plans to indemnify CSX Transportation, which is selling 61 miles of railroad track in Central Florida to the state. These tracks will be used for a commuter rail project known as SunRail. CSX wants the indemnification because it will continue to use the tracks for freight operations, and company officials say adding commuter rail trains will expose them to significant risks.
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