Families of Taiwan train crash victims entitled to $158,000 from insurers

It includes a $88,000 basic coverage in carrier's liability from Cathay Century Insurance.

The families of those who perished in the fatal Taiwan train accident last 2 April are entitled to a compensation of at least $158,000 (NT$4.5m) from two insurers, according to the country’s Financial Supervisory Commission (FSC).

These insurers are Cathay Century Insurance and MSIG Mingtai Insurance. It includes a $88,000 (NT$2.5m) basic coverage in carrier’s liability insurance from Cathay Century and $70,105 (NT$2m) in compulsory vehicle liability insurance from MSIG Mingtai.

Cathay Century, which has underwritten the carrier’s liability policy for the Taiwan Railways Administration (TRA), would also have to pay $49,000 (NT$1.4m) each for those who were severely injured and $14,000 (NT$400,000) each for those with less severe injuries.

Its total coverage for a single incident is $7m, the FSC added.

Moreover, MSIG Mingtai would also have to pay $70,000 (NT$2m) for those injured and $7,010 (NT$200,000) for those less severely injured.