September 8, 2015 (Toronto) – Intact Insurance has re-announced its intention to develop insurance products with Uber just in time to confuse residents the day before Toronto releases its report on ridesharing and the underground economy, says Sam Moini, spokesperson for the Toronto Taxi Alliance.
“Intact announced its intention to develop products several months ago. The fact is, no insurance products exist today for UberX drivers. No products to insure UberX drivers have been approved by the regulators at Ontario’s Financial Services Commission (FSCO). No products have been sent to FSCO for review. The approvals process could take months or years.
“It is extremely confusing and unhelpful for Intact to re-announce the same information it announced in June – its intention to develop products - when the fact is that no such product exists right now. Currently, there is no insurance product in Ontario which insures private policy holders who transport fares for compensation as UberX does. It is irresponsible to lead UberX drivers to believe otherwise.”