The Business Council supports S.4280-A (Seward)/A.6090-A (Cahill), which would establish, regulate and authorize the issuance of automobile insurance policies to transportation network companies and drivers on a group basis.
The use of transportation network companies has many benefits to consumers and the economy as a whole. Ridesharing and other “collaborative consumption” innovations allows individuals in our communities to get around conveniently and affordably, expanding independence for the elderly. It is a viable option especially in communities where public transport is not available.
Transportation network companies are part of the growth of the “share economy.” It is important that New York be part of this growth in a thoughtful and responsible manner. The legislation requires group policy insurance to be in place for vehicles taking part in ride sharing and also provides for the issuance of permits and regulation of the companies through the Department of Motor Vehicles. This bill provides a balanced approach to the necessary protections for consumers, insurers and the public at large.
New York has a history of leading the nation when it comes to adopting legislative policies that affect real change in the way we all live and work. Unfortunately, when it comes to the so-called “new economy”, New York’s policies are falling woefully behind. It is time for the Empire State to show true leadership and allow its citizens to take advantage of the benefits technology is affording us all.
For these reasons, The Business Council supports S.4280-A (Seward)/A.6090-A (Cahill).