CUNA Mutual began offering a no-cost endorsement Oct. 14 that protects client credit unions from losses they could incur if a member crashes a financed car while driving for Lyft, Uber or another transportation network company.
TNC firms such as Lyft and Uber have taken off in recent years, riding a wave of public dissatisfaction with taxis and familiarity with mobile phone technology that supports the app-based services.
When announcing the TNC endorsement, CUNA Mutual honed in on the fact that neither the TNC's insurance nor the drivers' personal auto insurance may cover on-the-job accidents, leaving credit unions potentially at risk for losses.
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