Title

Finding Ways to Reduce Insurance and Bonding Costs for Major Transit Projects: Final Report

Document Type

Report

Publication Date

2006

Subject Area

literature review - literature review

Keywords

Capital programs, Costs, Florida Department of Transportation, Insurance rates, Literature reviews, Public transit, Recommendations, Surety bonds, Transit projects, U.S. Federal Transit Administration

Abstract

The Florida Department of Transportation (FDOT) asked the National Center for Transit Research (NCTR) at the University of South Florida to investigate the reasons behind the rising costs in insurance and bonding for transit projects and identify ways that transit agencies can minimize these costs in their major capital programs. Four distinct tasks are included in this research project: Task I Comprehensive literature review; Task II Communication with the Federal Transit Administration (FTA) for assistance in the identification of transit agencies that have worked closely with the issues associated with the research project and with FDOT to help ensure that FDOT’s concerns are addressed; Task III Secure stakeholders’ perspectives to gain insight into and garner information about the dynamics of costs associated with bonding and insurance and to determine the need for conducting a roundtable discussion to further explore and identify issues, to achieve greater understanding of the issues and to identify potential solutions. If there is sufficient support for a roundtable discussion then organize and conduct the event and; Task IV Final Report. In support of the results achieved in various stages of the research project and in response to requests by the FDOT Project Manager, Technical Memorandums were submitted in February 2006 and in June 2006 and a July/August 2006 Progress Report was completed and submitted as requested. The results of the research project’s tasks, the findings and the recommendations based upon the findings are the subjects of this Draft Final Report.