Florida TNC Fix needed to support troubling gaps in coverage, PCI’s Logan McFaddin Says
Apr 27, 2015 | By Colodny Fass
If Florida lawmakers don’t address the coverage gaps this Legislative Session, it will impact all Florida drivers, explained Property Casualty Insurers Association of America State Government Relations Regional Manager Logan McFaddin in a Florida Times-Union editorial opinion published on April 24, 2015.
If proper insurance regulations are not placed on transportation network companies, all Floridians could end up paying. And if drivers are forced to cover the risk, auto insurance costs may increase.
As states around the country are tackling these issues, auto insurers, national trade associations like the Property Casualty Insurers Association of America and transportation network companies like Uber, Lyft and Sidecar have reached a national agreement on how to fill those insurance gaps to ensure safe transportation options.
The TNC Insurance Model Compromise Bill provides a framework for legislation that will help bring clarity and consistency to transportation network company insurance laws.
It will enhance consumer choice, increase entrepreneurial activity and bring greater stability and confidence to the transportation network industry.
This year in Florida, bills addressing insurance coverage gaps with transportation network companies have been filed in the House and the Senate and are moving through the legislative process.
The Property Casualty Insurers Association of America (PCI) has been working with lawmakers to ensure these bills mirror the TNC Insurance Model Compromise Bill.
As the end of 2015 Florida Legislative Session draws closer, PCI will continue to work with both city and state lawmakers to close the insurance gaps that leave people at risk.