Indiana Code 24-4-9.2-16. Insurable interest; maintenance of liability; assumption of liability; limitations
(b) A P2P vehicle sharing program may maintain, as the named insured, one (1) or more motor vehicle insurance policies that provide coverage in an amount equal to or greater than the minimum amounts required by IC 9-25-4-5, including coverage for the following:
Terms Used In Indiana Code 24-4-9.2-16
- Contract: A legal written agreement that becomes binding when signed.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- person: means an individual, a corporation, a limited liability company, a partnership, or another legal entity. See Indiana Code 24-4-9.2-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- shared vehicle: means a vehicle that a shared vehicle owner has made available for P2P vehicle sharing with a shared vehicle driver through a P2P vehicle sharing program. See Indiana Code 24-4-9.2-6
- shared vehicle agreement: means a written contract:
Indiana Code 24-4-9.2-11
- shared vehicle driver: means a person who:
Indiana Code 24-4-9.2-7
- shared vehicle owner: means an individual who makes a shared vehicle available for P2P vehicle sharing with a shared vehicle driver through a P2P vehicle sharing program. See Indiana Code 24-4-9.2-8
- vehicle sharing period: means a period beginning with:
Indiana Code 24-4-9.2-12
(2) Liability of a shared vehicle owner.
(3) Liability of a shared vehicle driver.
(4) Damage or loss to a shared vehicle.
(c) Nothing in this section creates a liability on a P2P vehicle sharing program to maintain the coverage mandated under section 15 of this chapter.
(d) A P2P vehicle sharing program shall assume liability, except as provided in subsection (e), of a shared vehicle owner for any:
(1) bodily injury or property damage to third parties;
(2) uninsured and underinsured motorist losses; and
(3) personal injuries;
during the vehicle sharing period in an amount that is at least equal to the amount required by IC 9-25-4-5 and is specified in the shared vehicle agreement.
(e) The assumption of liability in subsection (d) does not apply if:
(1) the shared vehicle owner made an intentional or fraudulent material misrepresentation to the P2P vehicle sharing program before the vehicle sharing period in which the loss occurred; or
(2) acting jointly with the shared vehicle owner, the shared vehicle driver fails to return the shared vehicle under the terms of the shared vehicle agreement.
(f) Notwithstanding the definition of “termination time” under section 10 of this chapter, the assumption of liability under subsection (d) would apply to:
(1) bodily injury or property damage to third parties;
(2) uninsured and underinsured motorist losses; and
(3) personal injuries;
in an amount required by IC 9-25-4-5.
(g) This chapter does not:
(1) limit the liability of a P2P vehicle sharing program for any act or omission of the P2P vehicle sharing program itself that results in injury to any person as a result of the use of a shared vehicle through the P2P vehicle sharing program; or
(2) limit the ability of the P2P vehicle sharing program to seek indemnification by contract from the shared vehicle owner or the shared vehicle driver for economic loss sustained by the P2P vehicle sharing program that results from a breach of the terms and conditions of the shared vehicle agreement.
As added by P.L.253-2019, SEC.3.