Starting on 10/01/17 all taxicab minimum financial responsibility limits will be raised as follows:
- From $30,000/$60,000 to $100,000/$300,000 for bodily injury liability
- From 25,000 to $50,000 for property damage liability
in regards to House Bill 501 (HB 501) passed during the 2017 session of the NC General Assembly. To view a copy of HB 501, click HERE (the changes are listed in section 2.5 starting on page 5).
In order to comply with this state law, all policies with Stonewood Ins Co that have units with a taxicab classification code and a limit that does not meet the current requirements will be endorsed eff 10/1/17. This will result in an additional premium and your office will receive an invoice to that effect. If an endorsement is not received on one of your agency’s policies in the coming weeks that is a taxicab please contact our office immediately.
We encourage you to share this information with your insureds so that they can be prepared for this change and the upcoming endorsement as well.
As always, we at JSA are committed to answering any questions you may have regarding HB 501 and how it may affect your insureds and have a dedicated transportation team to help. Please do not hesitate to give us a call at 800-342-5572 to speak with a Transportation Underwriter.
