VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) — via InvestorWire – InsuraGuest Technologies, Inc.® (TSX-V: ISGI) (OTCQB: ISGIF) (“InsuraGuest” or the “Company”), through its wholly owned U.S. subsidiary InsuraGuest (“ISG”), is proud to announce it has expanded the accidental medical portion of its Hospitality Liability coverages to include worldwide protection for U.S.-based hotel and vacation rental customers who have properties located outside the U.S.
A considerable portion of a hospitality operator’s third-party liability claims comes from small medical claims that are frequently applied to the property’s general liability policy. This high frequency in claims drives up premium prices. The InsuraGuest solution transfers the risk from the hotel or vacation rental operator by having guests pay a nominal fee per night. InsuraGuest then pays out coverage for these small medical claims, preventing impact to the hotel or vacation rental operator’s general liability policy.
“It has always been our goal to expand InsuraGuest worldwide so we can capture the 6.8 billion hotel nights stayed and 448.7 million vacation rental users in major worldwide markets. Our ability to offer the accidental medical portion of our Hospitality Liability coverage to our U.S. members’ properties worldwide is the first step for us to become the global provider we have envisioned,” states Douglas Anderson, chairman and CEO of InsuraGuest Technologies, Inc.
Property Management System Integration
InsuraGuest now integrates with 82 different property management systems through its proprietary API, which enables an organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to InsuraGuest Hospitality Liability coverages, the covered hotel or vacation rental property can lower its claim ratio and risk profile, which may decrease the property’s general liability premiums.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC, and is administered by InsuraGuest Insurance Agency, LLC. CA / LIC: 6001686
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) (OTCQB: ISGIF) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. The Company is transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold. CA / LIC: 6001686
For more information, visit the Company’s website at www.InsuraGuest.com.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The Insurance industry is intensely competitive in the business owner policy sector, and the Company’s competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company’s current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
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