Lyft’s owners, John Zimmer and Logan Green have no regards for their employees (drivers who are not independent drivers per the IRS 20 point code classifying status of I/O’s) and the consequences their drivers will have against their personal records, let alone the criminal exposure they will have if they kill someone-possible manslaughter charges. These guys and Travis Kalanick(Time magazine honoree as “100 most influential people in the world” endorsed by Neil Patrick Harris, an open gay entertainer have lured major Silicon Valley companies into their companies which are unregulated operating in a regulated industry nationally and worldwide. THEY WILL NOT OBEY THE LAWS.There is NOT an insurance company anywhere who would write them a policy to cover only the commercial time above the driver’s personal policy but yet they claim they have such a policy. Such policies are only GL surplus line policies-Thus the public and driver are not protected in case of an accident. There are over 53 claims so far and none have been paid nor will be paid. There are over 161 lawsuits against Uber alone in which over 20 are in federal court. Recently, A RICO (Racketeer Influenced and Corrupt Organization) was filed against both Uber and Lyft in US Southern District Court of Texas case#14-941 See pacer.gov to get a copy which clearly explains these companies’ illegal operations and the RICO violations. These indviduals and their investor partners are not going to get away with operating illegaly and putting the public in harm’s way. Criminal violations are the desks of the IRS, US Attorney General, FTC, and the FBI.. This is clearly a concorted criminal conspiracy sweeping America.
Chuck,
I will not address the cases and your “legal” arguments. I will address INSURANCE UNDERWRITING. I was married to a commercial underwriter. My Brother was an Underwriter in Insurance as well. That being said:
Anyone with the right amount of money can obtain insurance against ANY event of ANY kind that can be legally described. The process is more or less as follows:
1. create a definition of what the coverage needed is and what terms and umbrellas are needed.
2. Create the actual policy with its limits of coverage (how much money per incident and over the policy time limit)
3. Send to underwriting
4. Underwriting uses actuarials to determine statistical losses and costs, overhead and risk factors, and then adds a profit margin.
5. Send the policy to other insurance companies and have thier underwriters determine item 4 for “reinsurance” costs.
6. Add all the costs and submit the “bid” for the premium
7 accept the payment and issue the coverage, and initiate the re-insurance policies to minimize risk.
It is really that simple and in fact, if you had the money, you could insure that your dog would not die of a heart attack while jogging with you and nothing else. Or, maybe a policy that covers your eye tooth being broken by corn on the cob?
It is really that simple.The bid is not received over night, but when a company with 250M or more in investment wants a spcial policy, and the coverage is “by the service incident” it is actually a GREAT policy for the insurer. If the policy has too many unknowns, the policy can be 90 day renewable, meaning that the premium can be changed over even short term (this is ususally NOT necessary as there are actuarials about EVERYTHING ,including the sun exploding if you like).
If company X has 5000 drivers working daily and average 5 service incidents at one dollar premium per incident, that is 25,000 per day or 9 million per year in PREMIUM. We are possibly talking about numbers that are much higher than that.
Now, as to maintaining that premium, who knows. If there are too many losses the actuarial changes and…so does the premium.
You may know about ‘boiler plate” policies, but there are millions of other kinds written annually. This is one of them. If you had ever been around HUGE earth moving equipment or ships you would know that Insurance is something that is for sale for ANY purpose and with any limitations and terms.
A RACKETEERING SUIT? This was NOT a RICO arrest at all. THis is a suit by limo and cab companies agianst these other companies for creating competition. Medallion laws are stupid to begin with. ONLY so many cabs can servic the airport by medallion. They only issue so many. Yes a cabbie can DROP someone at the airpot, but NOt pick up wihtout a medallion. What kind of BS is that?
How about having to pay PER delivery to the airport….at say $5 to even drive through. That is what the government is doing.
Limo companies generally keep great equipment, there is competition for the BEST for tuxedo events. Cabs are another story. Bad brakes, bad seat springs. Worn out bodies and engines, burnign oil. I could go on and on. They use thier OWN mechanics….give me a break. THat is the fox guarding the hen house. I have seen seats DESTROYED in an accident kicked and hammered into position…if another accident happens the design protection does NOT exist.
and if and when a driver is given jail time what then?
Lyft’s owners, John Zimmer and Logan Green have no regards for their employees (drivers who are not independent drivers per the IRS 20 point code classifying status of I/O’s) and the consequences their drivers will have against their personal records, let alone the criminal exposure they will have if they kill someone-possible manslaughter charges. These guys and Travis Kalanick(Time magazine honoree as “100 most influential people in the world” endorsed by Neil Patrick Harris, an open gay entertainer have lured major Silicon Valley companies into their companies which are unregulated operating in a regulated industry nationally and worldwide. THEY WILL NOT OBEY THE LAWS.There is NOT an insurance company anywhere who would write them a policy to cover only the commercial time above the driver’s personal policy but yet they claim they have such a policy. Such policies are only GL surplus line policies-Thus the public and driver are not protected in case of an accident. There are over 53 claims so far and none have been paid nor will be paid. There are over 161 lawsuits against Uber alone in which over 20 are in federal court. Recently, A RICO (Racketeer Influenced and Corrupt Organization) was filed against both Uber and Lyft in US Southern District Court of Texas case#14-941 See pacer.gov to get a copy which clearly explains these companies’ illegal operations and the RICO violations. These indviduals and their investor partners are not going to get away with operating illegaly and putting the public in harm’s way. Criminal violations are the desks of the IRS, US Attorney General, FTC, and the FBI.. This is clearly a concorted criminal conspiracy sweeping America.
Chuck,
I will not address the cases and your “legal” arguments. I will address INSURANCE UNDERWRITING. I was married to a commercial underwriter. My Brother was an Underwriter in Insurance as well. That being said:
Anyone with the right amount of money can obtain insurance against ANY event of ANY kind that can be legally described. The process is more or less as follows:
1. create a definition of what the coverage needed is and what terms and umbrellas are needed.
2. Create the actual policy with its limits of coverage (how much money per incident and over the policy time limit)
3. Send to underwriting
4. Underwriting uses actuarials to determine statistical losses and costs, overhead and risk factors, and then adds a profit margin.
5. Send the policy to other insurance companies and have thier underwriters determine item 4 for “reinsurance” costs.
6. Add all the costs and submit the “bid” for the premium
7 accept the payment and issue the coverage, and initiate the re-insurance policies to minimize risk.
It is really that simple and in fact, if you had the money, you could insure that your dog would not die of a heart attack while jogging with you and nothing else. Or, maybe a policy that covers your eye tooth being broken by corn on the cob?
It is really that simple.The bid is not received over night, but when a company with 250M or more in investment wants a spcial policy, and the coverage is “by the service incident” it is actually a GREAT policy for the insurer. If the policy has too many unknowns, the policy can be 90 day renewable, meaning that the premium can be changed over even short term (this is ususally NOT necessary as there are actuarials about EVERYTHING ,including the sun exploding if you like).
If company X has 5000 drivers working daily and average 5 service incidents at one dollar premium per incident, that is 25,000 per day or 9 million per year in PREMIUM. We are possibly talking about numbers that are much higher than that.
Now, as to maintaining that premium, who knows. If there are too many losses the actuarial changes and…so does the premium.
You may know about ‘boiler plate” policies, but there are millions of other kinds written annually. This is one of them. If you had ever been around HUGE earth moving equipment or ships you would know that Insurance is something that is for sale for ANY purpose and with any limitations and terms.
A RACKETEERING SUIT? This was NOT a RICO arrest at all. THis is a suit by limo and cab companies agianst these other companies for creating competition. Medallion laws are stupid to begin with. ONLY so many cabs can servic the airport by medallion. They only issue so many. Yes a cabbie can DROP someone at the airpot, but NOt pick up wihtout a medallion. What kind of BS is that?
How about having to pay PER delivery to the airport….at say $5 to even drive through. That is what the government is doing.
Limo companies generally keep great equipment, there is competition for the BEST for tuxedo events. Cabs are another story. Bad brakes, bad seat springs. Worn out bodies and engines, burnign oil. I could go on and on. They use thier OWN mechanics….give me a break. THat is the fox guarding the hen house. I have seen seats DESTROYED in an accident kicked and hammered into position…if another accident happens the design protection does NOT exist.
Forget it, you dont care.