Clarifying cover for TNCs
We explain our stance on commercial coverage for individuals looking for insurance to pick up passengers via Transportation Network Companies.
Transportation Network Companies (TNC) continue to grow in popularity around the world. Offering passengers cheaper fares and more variety of vehicles, companies such as Uber are making it increasingly more difficult for standard taxi companies to compete.
For clients looking to pursue career opportunities as a TNC driver, it is important that they understand the insurance requirements and associated implications. We recently discussed RSA’s stance from a Personal Insurance perspective, but would like to highlight how this fits into our Commercial Insurance appetite.
Passenger carrying exposures, such as taxis, limos and public buses fall outside of our appetite strategy for individually rated commercial automobiles. As insureds using their private vehicles to drive paying passengers fall under the category of passenger carrying exposures, TNC programs will not be written by our Commercial Insurance team.
On a case by case basis, our Global Specialty Lines department may assess the short term rental exposure for those vehicles that are owned directly by the TNC and meet the requirements of a fleet definition. Please contact our underwriting team for more information on these risks.