- The InsuraGuest Hospitality Liability coverage expansion provides more opportunities for claims to be transferred to the InsuraGuest carrier, resulting in a higher reduction of general liability claims
- The lower risk profile with the absorption of more claims through InsuraGuest could result in even lower premiums for hotel operators and vacation rental owners
- The vacation rental market size is estimated to rise to a value of $113.9 billion by 2027, as more people choose vacation rentals over hotels because they are often more private and affordable
- InsuraGuest’s proprietary platform can now be integrated with 82 different software programs for easier claims processing
InsuraGuest Technologies (TSX.V: ISGI) (OTCQB: ISGIF), a leading insurtech company that is leveraging its proprietary software platform and disrupted the insurance landscape, has announced that through its wholly owned United States subsidiary InsuraGuest, Inc., it has expanded Hospitality Liability coverages to include accidental medical incidents that occur anywhere on a hotel’s premises. In addition to the coverage already available for incidents within the guest’s room, this coverage expansion now protects the hotel from claims made by guests should an accident occur on another part of hotel property – like the pool, gym, or parking lot (https://ibn.fm/EIEtM).
The majority of hotel operators file their accident or small property claims through their general liability policies. When doing this, the frequency of the claims can drive up the price of the premium. The higher the risk, the higher the general liability insurance prices will be.
InsuraGuest changes this dynamic by absorbing the risk, potentially keeping the hotel operator’s general liability premiums untouched, resulting in lower expenses for property owners. Through the Hospitality Liability coverage, these small claims can be filed through the InsuraGuest policy, which is paid for by having the guests pay a nominal fee per night for the coverage.
“This expansion of our Hospitality Liability coverage to include hotel protection for guest accidents on hotel premises further advances InsuraGuest’s mission to help hotels significantly lower their risks and reduce claims made to their GL policies,” InsuraGuest Technologies Chairman and CEO Douglas Anderson explained.
The InsuraGuest coverage was designed to offer offers an additional layer of protection that can be used if a guest experiences an accident, property damage in the room, theft, or death and dismemberment while staying on the covered hotel property. The coverage offering is provided through a proprietary software platform that is specialized to deliver Hospitality Liability coverages to the member hotel or vacation rental.
The expansion comes at a time when vacation rentals are becoming increasingly popular types of arrangements for those who travel. They are so popular that Grand View Research estimates that the market size for these rentals will be worth $113.9 billion by 2027, growing at a CAGR of 3.4% (https://ibn.fm/XM47h). The reason for the increase is that more people choose to stay in a rental that is more like home, provides privacy, and is more kid and pet friendly.
This growth offers multiple opportunities to InsuraGuest, a company committed to harnessing the power of technology to reinvent the insurance industry. With a proprietary software platform that currently integrates with 82 different property management software systems in both hotels and vacation rentals, and delivers digital insurance to multiple sectors across various industries, the company aims to revolutionize the way insurance is delivered based on the idea that insurance should be bought and not sold.
For more information, visit the company’s website at www.InsuraGuest.com.
NOTE TO INVESTORS: The latest news and updates relating to ISGI are available in the company’s newsroom at http://ibn.fm/ISGI
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