HyreCar is taking additional steps to insure vehicles within its platform.

The carsharing marketplace for ridesharing on Tuesday announced its strategic joint venture with Dave Haley, chief executive officer of American Business Insurance Services (ABI), and Peter Foley, chief executive officer of LILCHA Holdings.

An extension of an ongoing partnership, HyreCar explained this venture will focus on creating an insurance captive designed specifically for carsharing in the ridesharing space.

“Peter and Dave have been with HyreCar from the beginning, and this announcement cements our relationship with two of the most well-respected industry veterans in the commercial auto insurance business,” HyreCar CEO Joe Furnari said.

“This collaboration confirms HyreCar’s continued commitment to the ridesharing industry and providing scalable insurtech solutions for users on the platform,” Furnari continued.

This joint venture is designed to allow the company flexibility to reduce insurance risk, increase profit margins and provide tailored insurance solutions to the on-demand economy.

“I am thrilled to be working with Joe and Dave in this new and exciting sector,” Foley said. “After more than 35 years in the insurance industry, I am excited to be a part of some new and exciting opportunities that will drive innovation for HyreCar and ridesharing.”

Haley added, “We’ve seen a lot of changes in the livery (for-hire) services over the last few years. HyreCar seems well positioned to take advantage of the trends we see emerging in the industry.”