Trade body Sharing Economy UK has launched the world’s first kitemark for the so-called sharing economy with the help of the British Insurance Brokers’ Association (BIBA).
The two organisations have worked together in developing the TrustSeal stamp of approval, which would be given to companies that are part of the sharing economy such as Airbnb and Uber.
Awarding the TrustSeal stamp of approval to such companies signify that they follow the industry-prescribed rules of good practice.
“The TrustSeal has been created to set global standards for sharing economy companies around the world,” said Debbie Wosskow, founding chair of Sharing Economy UK.
“Through working with BIBA we’ve taken significant steps forward towards making sure that the sector collaborates with sharing economy companies of all shapes and size and we will continue to push this forward,” Wosskow added.
Finance giant PwC UK will review all of the applications submitted by the companies that wish to obtain the TrustSeal stamp of approval.
BIBA executive director Graeme Trudgell is part of an expert advisory panel that will award and govern companies with the kitemark.
“The phenomenal rise of the sharing economy brings with it new insurance exposures and BIBA committed in its 2016 Manifesto to work with representatives from the sharing economy,” he said.
Trudgell said insurance plays an important role in the sharing economy since it can help consumers to feel safe and protected when using new services and businesses.
“Trust is front and centre with the sharing economy and knowing there is insurance protection in place can give confidence to participants. To support this we have produced a guide and updated our list of specialist brokers,” Trudgell said.
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