Definition - What does Sidetrack Agreement mean?
A sidetrack agreement is an agreement between a railroad company and a property owner whose property is used as part of the company's railroad track. This agreement minimizes a portion of the railroad company's liability.
Insuranceopedia explains Sidetrack Agreement
Sidetrack agreements are drawn up when the design of a railroad system affects a private property. Representatives from the railroad company will approach the property owner and ask them for permission to build a sidetrack on their property in exchange for financial compensation.
The sidetrack agreement is, specifically, a contract clause that shields the company from liability for a loss that might happen on the property where the track is lying. The company, for instance, will have legal immunity in the case of property damage.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.