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- PCI Issues Statement on the Senate Banking & Insurance Committee Addressing Coverage Gaps with Transportation Network Companies
TALLAHASSEE- The Property Casualty Insurers Association of America (PCI) applauds the Florida Senate Committee on Banking & Insurance for examining and supporting key legislation that puts the necessary protections in place for consumers. The committee voted in support of Senate Bill 1298, which closes insurance gaps for transportation network companies, such as Uber and Lyft. “Currently, a typical personal auto policy contains a ‘livery’ exclusion, which applies when the vehicle is being used for hire. Therefore, most personal insurance policies will not cover any damages or losses if a vehicle is being used for commercial purposes,” said Logan McFaddin, PCI’s state government relations manager. “Senate Bill 1298 will close the insurance gaps and provide coverage when the vehicle is being used for hire. We are grateful to the members of the Senate Banking and Insurance Committee for taking action on this issue and helping to create a product that safeguards drivers, passengers and the general public.”
- PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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