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The Colorado Public Utilities Commission (PUC) recently released new regulations requiring taxicab operators to carry $1.5 million in minimum liability coverage limits, a large increase over the Commission’s previous $500,000 requirement. Rule 6007, 4 CCR-723-6007 of the Rules of Practice and Procedure, adopted by the PUC on November 29, 2013, will place an undue financial hardship on many transportation companies in Colorado, and could set a dangerous precedent for other state commissions. Recognizing this, Research Underwriters has had an active role in the process of reversing these new regulations, fighting on behalf of taxicab operators in Colorado.
President Stephen Friedberg recently served as an expert witness before the Public Utilities Commission. Mr. Friedberg submitted testimony confirming the premium increases that taxicab operators would face should this new regulation be upheld, and detailed the significant financial impact this would have on transportation companies. Research Underwriters will monitor this issue and others like it, and will continue to be an advocate for transportation companies everywhere. If your company would like assistance in dealing with similar issues, please contact us at 800-727-3732.