VANCOUVER, British Columbia, March 16, 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 RPG (“ISG”), is proud to announce it has launched a new product called Limited-Service Hospitality Liability coverages, which will be offered to franchise limited-service hotels that have less than 100 rooms and an average daily rate (ADR) that is less than US$100 per night.
According to the American Hotel and Lodging Association, the U.S. has over 55,900 properties nationwide, of which 33,000 are limited-service hotels. Additionally, there are 5.3 million guest rooms, which accommodate 1.3 billion guest nights annually. The U.S. hotel industry employed one in 25 workers and added $660 billion to the U.S. GDP in 2019.
“Franchised limited-service hotels make up 59% of the U.S. market, so we have designed a solution at a price point that meets their needs while protecting their properties on a primary basis,” 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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