NYAIP Changes Endorsements to Exclude Car Sharing
The New York Automobile Insurance Plan (NYAIP) has announced the adoption of several new and revised endorsements designed to exclude coverage for losses arising out of peer-to-peer car sharing arrangements. The endorsements were adopted effective Nov. 23, 2022. You should expect to see them on NYAIP policies immediately.A peer-to-peer car sharing arrangement is one where an individual owner of an automobile makes it available for rental to another individual by way of a smart phone application platform. Turo is the most well known such platform.A law permitting such arrangements in New York took effect last spring. The New York State Department of Financial Services has…