Contact Us

Probe: Port Authority Paid Too Much For Insurance

 An internal investigation has found the Port Authority of New York and New Jersey paid millions of dollars in excessive insurance premiums for construction projects.

 

Outerbridge Crossing overnight closure for major repaving project
Outerbridge Crossing overnight closure for major repaving project (News 12 NJ via Twitter)

Chief investigator Michael Nestor tells the Star-Ledger the agency is looking at it as “gross mismanagement” and the agency is negotiating with insurers to get money back.

Nestor says the investigation is largely based on information provided by a former analyst who was fired in 2012 for excessive absenteeism hours he alleged three executives had accepted gifts and mismanaged the insurance program. The analyst had concluded the agency had paid $58 million in excessive premiums between 2007 and 2011.

The analysis found officials had arranged coverage for estimated contract values totaling $5.2 billion, even though actual values totaled $2.23 billion.

(Copyright 2013 The Associated Press. All Rights Reserved)

More from WOBM AM

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobmam.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on WOBM-AM 1160 & 1310 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on WOBM-AM 1160 & 1310 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!