The families of people who died in a Taroko Express derailment yesterday are each entitled to compensation of at least NT$4.5 million (US$157,712) from Cathay Century Insurance Co (國泰世紀產險) or MSIG Mingtai Insurance Co (明台產險), the Financial Supervisory Commission (FSC) said.
That includes basic coverage of NT$2.5 million in carrier’s liability insurance offered by Cathay Century and NT$2 million in compulsory vehicle liability insurance offered by MSIG Mingtai, the commission said.
The incident killed at least 50 people and injured 146.
Cathay Century, which has underwritten the carrier’s liability insurance policy for the Taiwan Railways Administration (TRA), would also pay NT$1.4 million each for people severely injured in the crash and NT$400,000 each for those less severely hurt, the FSC said.
The property insurer’s total coverage for a single incident is NT$200 million, according to its contact with the TRA, the FSC said.
MSIG Mingtai, which provides the TRA’s compulsory vehicle insurance, would pay people disabled in the derailment NT$2 million each and NT$200,000 to people less severely injured, the commission said.
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