Section 24-4-9.2-16 - Insurable interest; maintenance of liability; assumption of liability; limitations(a) During a vehicle sharing period, the P2P vehicle sharing program has an insurable interest in the shared vehicle.(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:(1) Liability assumed by the P2P vehicle sharing program under a shared vehicle agreement.(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.Added by P.L. 253-2019,SEC. 3, eff. 1/1/2020.