Liability insurance of carriers: decrease in lower bound of insurance tariff and introduction of taxi insurance tariff
The Bank of Russia proposes a 20% decrease in the lower bound of the range of tariffs for compulsory third party liability insurance of carriers (CTPLIC) to passengers of some means of transport, namely long-distance buses, tourist vessels, helicopters, railway and sea transport.
New tariffs are specified in the draft ordinance of the Bank of Russia.
The document also sets the bounds of the car taxi insurance tariff. The minimal and maximal prices of CTPLIC policies for car taxis shall be ₽1,300 and ₽5,400 a year, respectively.
According to law, starting from 1 September 2024, taxi drivers shall insure their liability for possible damage to life, health or property of passengers as other carriers (except the underground) do nowadays. Within the range set by the Bank of Russia, insurers will determine the basic tariff for calculating prices of CTPLIC policies for each particular carrier subject to its individual risk profile.
The introduction of such type of compulsory insurance for taxis will enhance the financial security of passengers, as compensations for personal injuries during transportation will be awarded within a limit of ₽2 million.