Alberta has finally announced new insurance details for ridesharing companies such as Uber. The new insurance policy will cover drivers from the time they launch their company’s mobile app to go pick up passengers.
The government explained in a press released up to $2 million in third-party liability insurance will be available with optional coverage for collision or comprehensive coverage. Drivers will also be required to have a Class 1, 2 or 4 license, while also undergo a police background check.
Uber told The Canadian Press “We recognize the steps taken by the Alberta government and we will be reviewing the newly approved ride-sharing insurance policy and other announced rules.”
Companies failing to adhere to the new rules can be fined up to $50,000 per offence, per day. Below is a video from the Alberta government announcing the new insurance policy yesterday:
Intact Financial is one of the companies that will offer ridesharing insurance for Uber drivers, from the instant a ride is accepted up until passengers leave a vehicle. The company’s policy was ready for Uber drivers earlier this year, but was waiting approval from the province’s superintendent of insurance.
“This new ridesharing insurance structure is a key step to bring Uber back to Edmonton and support our efforts to serve Albertans across the province. We look forward to our ongoing work with regulators and partners to bring ridesharing to an always growing number of cities across the country,” said Ian Black, General Manager for Uber Canada.
Alberta says it is the “first Canadian province to develop a new policy form designed specifically for TNCs [Transportation Network Companies].”
Uber shut down its operations in March in the province, after the Alberta government announced new rules for ridesharing drivers to have Class 4 licenses (commercial operators), police background checks and proper insurance.