We have been covering the woes of the San Francisco taxi industry for some time now, and here's another one for you: SF Green Cab, a small worker-owned taxi cooperative founded in 2007, has stopped operating and could be out of business for good.
Green Cab pulled its 16 cabs off the street late Thursday night just before the midnight expiration of its insurance, says Mark Gruberg, a member of the company's board and one of its founders.
Gruberg said the company's insurer, Onyx, based in San Francisco, did not renew because of two costly Green Cab accidents in the last four years.
Louis Rovens, CEO and president of Onyx, said SF Green Cab had a "tremendous loss ratio, " meaning more money was paid out in claims than taken in via premiums.
When SF Green Cab shopped for alternatives, it found the market had narrowed considerably, Gruberg said, because the San Francisco Municipal Transportation Agency had disqualified a number of insurers, including Onyx, due to newly enforced ratings requirements.