Transportation Network Company (TNC)/Rideshare and Individual Delivery endorsements are designed to help protect drivers in the expanding gig economy who use their personal vehicle as a source of income, whether that’s transporting patrons or delivering food or packages
BEDFORD PARK, Ill. (PRWEB) August 03, 2020
“First Chicago Insurance Company offers Maverick auto policyholders the opportunity to easily add Transportation Network Company (TNC)/Rideshare and Individual Delivery endorsements to their personal auto insurance policy. These optional coverages are designed to help protect drivers in the expanding gig economy who use their personal vehicle as a source of income, whether that’s transporting patrons or delivering food or packages,” explained Mark Jatczak, Vice President, Commercial Lines, First Chicago Insurance Company (FCIC).
FCIC’s new, straightforward TNC/Rideshare and Individual Delivery endorsement now has two coverages: TNC and Individual Delivery. FCIC’s new TNC/Rideshare and Individual Delivery endorsements no longer have five separate levels. These coverages are available for a flat rate: $100 for a single coverage or $150 for both coverages, regardless of the numbers of hours driven for TNC.
FCIC’s new TNC/Rideshare and Individual Delivery Endorsement (6 month policy term)
- $100 TNC/Rideshare Endorsement
- $100 Individual Delivery Endorsement
- $150 for both TNC/Rideshare and Individual Delivery Endorsement
What most TNC drivers do not realize is that their personal auto insurance policy typically excludes coverage for business use or when vehicles are ‘available for hire.’ This exclusion means that a driver’s standard personal auto insurance policy would not cover them while a TNC application is turned on, even if they haven’t accepted a ride request and have no passengers in the vehicle. FCIC has made it convenient and economical for an insured person to add this endorsement to their auto insurance. Prior to starting, it is important the insured talks to their insurance agent to ensure they are properly covered.
The need for delivery drivers has expanded due to the COVID pandemic. FCIC Individual Delivery Endorsements covers drivers who work for Uber Eats, Grubhub, DoorDash, or any other delivery, as many restaurants have greatly expanded their delivery service in order to continue to serve their patrons and generate income.
Jatczak concluded, “Due to the ongoing uncertainty of the COVID pandemic, the near-turn future of the Public Auto marketspace, including Taxi and Livery, continues to be a struggle as events in major cities such as sports, concerts and conventions continue to be cancelled. The Taxi, Livery business segment will have a long recovery process ahead. In talking with insureds and agents, there will be a fundamental change to how business operates. Those Taxi & Limo companies that can positively promote safety and cleanliness will have a unique opportunity to help shape the future of public transportation.”
About First Chicago Insurance Company
First Chicago Insurance Company (First Chicago), whose roots trace back to 1920, is celebrating their 100th anniversary. Over this timespan, First Chicago has evolved into a multi-line insurance carrier, now offering Personal & Commercial Auto, General Liability, Workers’ Compensation, Short Term Major Medical and Personal Accident Medical Insurance in response to the needs of the company’s independent producers and customer base. In personal lines, First Chicago has further responded to the changing exposures and needs of their independent producers by adding niche insurance products such as Contents Plus Renters and Transportation Network Coverage to enhance their personal lines auto offerings. First Chicago currently offers insurance via independent agencies and online throughout Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Pennsylvania, and Wisconsin. Headquartered in Bedford Park, First Chicago is located at 6640 S. Cicero, Ave., Bedford Park, IL 60638. 1-888-262-8864. http://www.FirstChicagoInsurance.com