The reconstruction of the Hackensack Bridge, a major transportation vein from New Jersey to New York, is estimated to cost upwards of $1 billion. However, the long overdue and imperative revamping of the structure has recently received a $16 million grant to kick start the project. As this is one of the most important links of transportation in the state, proper Transportation Insurance NJ is required upon completing projects like this.
The money was given by the U.S. transportation department’s TIGER program, which gives grants on a competitive basis to surface transportation projects around the country, according to NorthJersey.com. The Kearny based bridge transports between 150,000 and 200,000 people per day who commute between states for work.
Although this is an important bridge, its age and outdated mechanics are cause for serious concern. At 105 years old, it is deteriorating slowly. What’s more, the mechanical system used to open the bridge to allow passing boats was already dated upon its construction in 1910. As a result, the system often malfunctions, causing delays in the train’s schedule.
While the grant hardly puts a dent in the construction bill, it is needed nonetheless. Congressman Bill Pascrell, along with Senators Cory Booker and Bob Menendez stated that in light of the bridge’s many problems, obtaining even a tiny fraction of the money needed to replace it is important.
The finalized plans were completed last year and are only awaiting financial assistance. According to NJ.com, the grant will be used by NJ Transit and Amtrak, which owns the bridge, by allotting the money as follows:
-$7 million to move the power lines that carry electricity to trains on the existing Northeast Corridor tracks
-$4.7 million to construct a pier into the river to receive construction materials
-$750,000 to rebuild part of an existing road so it can transport heavy trucks
At Tri-State Insurance Agency, we offer specialized insurance for the transportation industry. We understand the importance of the industry to New Jersey’s economy and the exposures that these segments face. For more information, contact us today at (888) 990-0526.