Underwriting requirements
In order to provide an insuring company with an underwriting profit, agents and brokers writing taxi and limo coverage must ensure strict adherence to underwriting requirements. In order to reduce potential problems or misunderstandings, typical underwriting requirements include:
- All drivers must have a minimum of two years experience driving in the United States and must be at least 23 years of age.
- Insured must have driver selection program including hiring and training practices and review motor vehicle reports on all drivers.
- Must have vehicle maintenance program.
- Vehicles older than 15 years are ineligible.
- Insured must promptly report any additional vehicles acquired during the policy period.
- Vehicles will only be deleted when they have been sold or when they are no longer operable. No vehicles will be deleted and added back on during the policy term.
- All vehicles owned must be scheduled and insured, including standby units.
- In order to add a driver to an existing policy, the insured must notify the company with the following: name of driver; date of birth; driver’s license number/CDL license number; number of years operating similar type vehicles; length of time driver has lived in area; MVR.
- All accidents will be considered chargeable unless a state accident report is obtained by the insured to support a not-at-fault status.
- Any driver with more than one accident on MVR and/or loss will be excluded.
- Only two minor violations are acceptable.
