Insuring a taxi is similar to insuring a private passenger vehicle. The mandatory coverage applies but you are also required to carry a few additional endorsements. This coverage will vary depending on your province. Coverage is determined by a few factors including the size of your taxi fleet, the class of your business, the driving experience of the individuals in your fleet, and a number of other factors.
Requirements in Ontario
If you want to insure a taxi in Ontario then you will need a number of additional coverages and endorsements including OPCF#6A, OPCF#19, OPCF#21b, and OPCF #22.
This endorsement is called the Permission to Carry Passengers for Compensation Endorsement. It is an extended coverage for vehicles used by businesses for carrying people.
This cab insurance coverage is known as the Limiting the Amount Paid for Loss or Damage Coverage. As its name suggests, this coverage limits the amount paid out under the physical damage portion.
OPCF#21b is Blanket Fleet Coverage. This endorsement makes it a lot easier to insure a fleet of cabs. At the beginning of the year you pay an initial premium. As the year goes on you must keep track of the vehicles you have insured and between which dates you were using them. At the end of the year this information is calculated to give you a final premium amount, that you will need to then pay.
Another coverage required when purchasing taxi insurance is OPCF #22 (Damage to Property of Passengers). In Ontario, you can purchase as much as $5,000 in coverage.
Another mandatory endorsement is Downtime Limitation Side Agreement. This will pay for the loss of use of a taxicab in certain situations.
Where Can I Find Taxicab Insurance?
Here are two options for taxi insurance in Canada.
Holman Insurance Brokers
Holman Insurance is based in Markham, Ontario but they have a number of brokers in the Greater Toronto Area (GTA) and in Southern Ontario. The company has been insuring taxi fleets in Ontario for more than 30 years. Holman is managed by Mark Holman and Paul Holman. You can speak to a Holman representative by calling 1-800-567-1279.
Stoneridge Insurance has five locations in Ontario including brokerages in the following cities: Ancaster, Stoney Creek, Hamilton, Barrie, and Vaughan. The company offers comprehensive insurance coverage for single and multiple driver taxicabs in Ontario. They offer discounts to good drivers and they also have a Defensive Driver Training Recognition Program. Their after hours claims line is 1-800-235-8784 and you can reach their offices toll free by calling 1-855-786-6300.