Insurance lingo is not for everyone. To help, we have compiled a list of common questions and insurance terms.
There are a number of insurance products available for sharing economy platforms. We have answered some common questions relating to why SafeShare’s products are more robust compared to other products out there.
- These types of policies can leave the platform’s balance sheet exposed to high excesses, with a possible obligation to make up the excess for the client.
- These policies often have an ‘aggregate’, which means that the policy will only pay out up to a fixed amount, for example £2m, in any single year. If further claims are to arise, this can leave your other clients without insurance cover.
- These polices can create conflict, in that it will often be stipulated that the client should first attempt to claim with their own existing insurance. Moreover, it can be unclear as to which policy should be claimed on, due to a potential overlap in (or lack of) cover. The platform will often be responsible for negotiating loss settlements in these instances and so can be the bearer of bad news.
- This policy does not cover the homeowner, in case the guest injuries themselves.
- There has to be proof the guest caused the loss to settle any claim.
- There are losses that can occur during a booking that might not be the guests fault and could still result in the homeowners own insurance policy not paying the claim.
- The guest will always have the option not to take out this insurance, which means there could be no insurance cover at all.
- Hosts can opt-in to the cover on an affordable pay-as-you-use basis.
- Unlike other products on the market the Host has the right to claim, with access to a 24 hour hotline.
- This policy will not create conflict with the Host’s existing insurance cover.
- Our product does not have a policy aggregate.
|SafeShare||Umbrella Cover||Guest Liability/Travel Cover|
|No conflict with existing Host insurance||✔||✕||✔|
|Host opt-in to cover||✔||✕||✕|
|Host direct access to claims||✔||✕||✕|
|Full cover for the Host||✔||✕||✕|
|Covers the Host in the event of injury to the Guest||✔||✔||✕|
|Covers property damage caused by the guest||✔||✔||✔|
|Covers damages during the Guest’s stay but not caused by the Guest||✔||✕||✕|