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The Business Council supports S.4108-C (Seward), which authorize the issuance of automobile insurance policies to transportation network companies and transportation network company drivers on a group basis.
Ride sharing and other “collaborative consumption” innovations have several benefits to consumers and the economy as a whole. The utilization of underused assets allows ride-sharers to spend less money and allows a greater number of people to need a smaller number of vehicles, saving the resources, energy and physical space that would have otherwise been used.
The growth of the “share economy” is an immutable fact. In 2014, FORBES estimated that the revenue flowing through the “share economy” surpassed $3.5 billion with growth expectations exceeding 25%. It is important that New York be part of this growth in a thoughtful and responsible manner. By requiring that group policy insurance be in place for vehicles taking part in ride sharing, this bill provides a balanced approach to the necessary protections for consumers, insurers and the public at large.
The share economy has been the biggest consumer movement in the last few years, continuing to bring the internet’s value to consumers. New York should continue to foster growth by reasonable and responsible policies such as this bill.
For these reasons, The Business Council supports S.4108-C (Seward).