Marsh has launched two new insurance facilities to meet the casualty risks of clients in the sharing economy and the autonomous mobility industry.
The Sharing Economy Insurance Facility provides up to $10 million in dedicated primary auto liability and excess casualty coverage to sharing/gig economy companies in the US – particular those that provide livery and delivery services. The facility is backed by Lloyd’s of London syndicate Apollo.
Meanwhile, the Autonomous Mobility Insurance Facility offers first-dollar liability and physical damage primary auto liability coverage of up to $1 million – from a leading US insurer – and $4 million in exclusive excess capacity from Apollo for companies that are testing autonomous, self-driving vehicles in the US.
“The world is on the cusp of a seismic shift in both personal and commercial mobility,” said Marsh US manufacturing & automotive industry practice leader Dave Carlson. “Consumers and companies are increasingly willing to rely on ride-sharing services rather than their own vehicles, and the growth of these shared mobility platforms will accelerate the adoption rate of autonomous vehicles.”
“The commercial insurance industry has been slow to effectively respond to the new risks,” added Marsh managing director of global affinity Jose Heftye. “Marsh’s new facilities fill these voids and offer clients greater confidence that coverage will respond as expected when needed.”