Cal. Pub. Util. Code § 100124

The VTA may insure against any accident or destruction of the system or any part thereof. The VTA may insure against loss of revenues from any cause whatsoever. It may provide, in the proceedings authorizing the issuance of any bonds, for the carrying of insurance in an amount and of a character as may be specified and for the payment of premiums thereon. The VTA may also provide insurance as provided in Part 6 (commencing with Section 989) of Division 3.6 of Title 1 of the Government Code.