American Property Casualty Insurance Association
  • Staff Contact: Nicole Mahrt-Ganley     
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Contact:

Nicole Mahrt Ganley

Phone:

916-616-5855

Email:

Nicole.mahrt@pciaa.net

 

 

FOR RELEASE ON RECEIPT

June 5, 2014

Colorado’s SB 125 Allows for Innovation in the Insurance Marketplace

DENVER, CO – Today, Gov. Hickenloopper signed SB 125, a measure that will allow Transportation Network Companies (TNCs) to continue operating in Colorado, said the Property Casualty Insurers Association of America (PCI).   SB 125 is a bill to regulate TNCs and require TNCs to provide their drivers with primary insurance coverage. The following statement can be attributed to Kelly Campbell, PCI vice president.

“SB 125 accomplishes one of PCI’s critical priorities; it creates the framework for TNCs to provide primary insurance coverage for all commercial activity including when the driver logs onto their app and is available for hire through the time period when they have a passenger in the vehicle and until the driver logs off the app and is no longer available to accept rides. This measured, step-by-step approach will allow for innovation in the insurance marketplace and the required Division of Insurance study will ensure the opportunity to continue to look at the issues involved with this new business model. SB 125 appropriately outlines the TNCs’ responsibility for providing insurance coverage for their drivers’ commercial activities app on to app off and it also clearly states that the personal auto policy is not required to provide coverage for TNC services.” 

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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