Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 15

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 15
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 that are required by city regulators
in order to be granted a permit, as well as to cover any indemnification and defense cost obligations in the event of a vehicle accident
caused by city infrastructure. Additionally, we are required to insure against other operations-related risks regarding employee claims.
For certain types of operations-related risks or future risks related to our new and evolving products and services, we may not be able
to, or may choose not to, acquire insurance. In addition, we may not obtain enough insurance to adequately mitigate such operations-related
risks or risks related to our new and evolving products and services, and we may have to pay high premiums or deductibles for the coverage
we do obtain. Additionally, if any of our insurance providers becomes insolvent, it could be unable to pay any operations-related claims
that we make. Certain losses may be excluded from insurance coverage including, but not limited to, losses caused by intentional act,
pollution, contamination, virus, bacteria, terrorism, war, and civil unrest.

Due to the nature of our business, we may be subject
to significant liability based on traffic accidents, injuries, or other incidents that are claimed to have been caused by our two-wheeled
electric vehicles or riders using our two-wheeled electric vehicles. If the amount of one or more vehicle-related or operations-related
claims were to exceed our applicable aggregate insurance coverage limits, we would bear the excess costs, in addition to the amounts already
incurred in connection with deductibles. Additionally, because we are insured by third-party insurance providers, those providers may
raise premiums in response to loss history and higher limit demands of regulators. Moreover, state and country regulators may alter vehicle
definitions to require motor or rider liability coverage. Increasing the breadth of coverage and coverage limits would increase our insurance
and claims expenses. Our business, financial condition, and results of operations could be adversely affected if (i) the cost per
claim, premiums, or the number of claims significantly exceeds our historical experience and coverage limits, (ii) we experience
a claim in excess of our coverage limits, (iii) our insurance providers fail to pay on our insurance claims, (iv) we experience
a claim for which coverage is not provided, (v) the number of claims under our deductibles differs from historic averages, or (vi) an
insurance policy is canceled or non-renewed.

We do not maintain insurance policies for
certain risks related to loss or damage to our two-wheeled electric