Home and ride sharing insurance launched

Home and ride sharing insurance launched | Insurance Business

Home and ride sharing insurance launched
Peers.org has launched a home-sharing liability scheme and ride-sharing replacement vehicle scheme that could light the way for the insurance industry in the online sector.

A company that supports the peer-to-peer economy of website such as Airbnb and Uber, Peers, has launched Homesharing Liability Insurance which it calls a “personal liability insurance that covers you for all your homesharing, no matter which website you use.”

Following international concern from the insurance industry and consumers alike, Airbnb launched its own injury liability scheme last month but Peers is a more general cover that works on any website in the industry.

The Peers cover offers $1 million of cover for injury to a guest, property damage up to $1m and income loss cover for major damage to your home of $5,000 or three months' pay. The cover costs $36 a month and is only applicable to the months that the consumer needs the cover and the policy is written by Porter & Curtis based in Philadelphia. 

Similarly, ride-sharing sites like Uber have faced repeated calls to clarify their insurance position from the ICA and consumers alike but Peers hope to provide drivers with more stability with their Keep Driving cover.

Working alongside short-term rental company Breeze, Peers will offer drivers a replacement vehicle if their car is forced off the road due to maintenance work which will help protect the income of users of ride-sharing technology.

Shelby Clark, executive director of Peers, called upon others to work alongside those already involved in peer-to-peer industries to help shape the future.

“We’re incredibly excited. This is the first step towards our vision for the Support Marketplace. A new economy has created new needs that call for new solutions, and the Support Marketplace is a place where you can find solutions to make your work easier.

“When solutions exist, we will help you find them through the marketplace, which was our focus when we introduced it to you a few weeks ago. But when the solutions don’t exist, we will build them ourselves when we can, or we will aim to work with other companies to introduce solutions to the Support Marketplace. This is a call to all companies considering serving the workers of the Sharing Economy - let’s do this together.”

Peers’ insurance options are not available in Australia but, by bringing these products to market, they offer a way for Australian insurers and brokers to consider some form of cover for a burgeoning industry.