Frequently Asked Questions

Insurance is a risk transfer mechanism that removes the potential cost of loss from individuals or businesses, transferring it to other entities for an amount of money. The underlying principal of insurance is that the premiums of the many, pay for the losses of the few.

An insurance broker negotiates insurance contracts on behalf of their clients with insurers. They aim to negotiate adequate coverage for their clients’ needs, along with creating value for money through utilising their specific expertise and product knowledge.

An underwriter is an entity that takes on the risk for a cost, and subsequently pays out claims in the event of a loss.

The Lloyd’s insurance market is the oldest international insurance market, supporting individuals and businesses globally. Lloyd’s has a rich history in being instrumental in the rise of the aviation, marine, oil and gas and many other industries. The strength of this market comes from its globally diverse portfolio of risk, thereby not leaving itself too exposed to any single geographical location. Lloyd’s supports a global network of brokers that feed clients into its Lloyd’s insurance brokers, which in turn trade risk in the market.

A policy limit is the maximum amount an underwriter will pay in the event of any one claim. A policy limit does not limit the amount of claims that can be paid out under a policy and should not to be confused with an aggregate.

An excess is the amount you have to pay in the event of an insurance claim.

An aggregate is the maximum amount that an insurance policy will pay out within its policy period.

Homeowners’ buildings and contents insurance policies will often not cover short term lets and paying guests.

If a host’s home insurance policy does not respond to a claim brought about by a commercial activity, then the homeowner will be at their own financial risk. In the case of minor losses, this can be an inconvenience. However, with catastrophic events, this can leave the homeowner exposed to the loss of their largest financial assets.

Imagine your worst PR nightmare: a home let through your platform has a party take place, the house is trashed and furthermore, a fire has started. This destroys the house but worse, the fire spreads to surrounding properties. Who pays for these losses? Is it the guest, the platform or the homeowner? Who has the most to lose? Clearly the reputational damage to the platform can be catastrophic. The homeowner can be left significantly out of pocket and even worse, out of home all as a result of the lack of cover offered by household insurance policies. SafeShare have developed products to make sure your homeowners are protected. This boost’s the eco-system for trust and security, and results in a sustainable business model for all involved.

The sharing economy has brought about a significant challenge for the insurance industry to create new, flexible products with global reach. The insurance market often takes time to adapt and create relevant products to changes in industry, and shifts in cultural behaviour. This lag is often driven by a lack of data. Furthermore, solutions have often been limited at national level.

This type of policy is taken out by a platform to cover against catastrophic events for their participants.

This is an insurance policy that covers guests for damage to property including injury to other people whilst staying at the host’s home. Whilst this is beneficial for the guest, this is no substitute for an insurance policy that the homeowner can control.

Our aim is to protect all parties involved in the sharing economy, especially the ones with the most to lose. When it comes to home sharing, our host home protection product is there to protect the homeowner. The homeowner is often putting their largest asset at risk by not having adequate insurance. Our products cover Buildings, Contents and Public Liability. This comprehensive package will leave both the guest and host with peace of mind.