For all Ontario brokers
We are pleased to announce that the Financial Services Commission of Ontario (FSCO) has approved an interim insurance product developed by Intact Financial Corporation, in collaboration with Uber Canada.
Designed exclusively for the ridesharing industry, this interim product is expected to be in-force and providing coverage as of Thursday, July 7, ensuring all drivers using the Uber platform have coverage with Intact Insurance from the moment they make themselves available to accept a ride request, until the moment passengers exit the vehicle.

Making it easy for brokers and customers
Since announcing our partnership with Uber in September 2015, our goal has been to develop innovative, tailored products that are easy to understand and simple to implement for drivers, passengers, brokers and your customers.
Ridesharing drivers and passengers participating with Uber in Ontario will be covered under Intact Insurance’s commercial insurance policy purchased by Uber, from the moment drivers make themselves available to accept a ride request, to the time passengers exit the vehicle. This coverage applies to all Uber drivers and passengers (regardless of their personal auto insurer), and includes liability insurance, standard accident benefits and coverage for comprehensive and collision so long as the participating drivers have this coverage on their personal auto policy.

Additionally, you can ensure your customers have proper insurance coverage for personal use of their vehicles. Intact Insurance, Jevco and Novex have updated their personal auto underwriting guidelines to remove any ambiguity surrounding personal auto insurance coverage for Uber drivers. At no additional cost, Intact Insurance, Novex and Jevco policyholders are permitted to participate in ridesharing. All you have to do is add a note to the customer’s policy file.

“By working directly with Uber we’ve developed products made for the ridesharing industry that will safeguard consumers who use these services,” said Jean-Francois Blais, President, Intact Insurance, adding, “As the popularity of the sharing economy grows, we recognize the changing market that brokers are operating in and we will continue our efforts to deliver products that help meet the evolving needs of your customers.”

The regulator’s approval of this interim insurance product represents an innovative approach and serves the immediate need of protecting all participants in ridesharing services like Uber. As the government introduces legislation related to the sharing economy, this product may evolve. We hope to see the insurance industry develop personal lines products that provide coverage for the period in which drivers make themselves available to accept ride requests but have yet to do so, while the Uber commercial policy would provide protection from the moment a driver accepts a ride request, to the moment passengers exit the vehicle.

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