Hub International Limited (HUB), and InsuraGuest, Inc., have partnered to offer InsuraGuest’s Hospitality Liability coverage to HUB hotel clients in the U.S., with plans to expand to HUB’s clients in Canada by mid-2021.
InsuraGuest coverage is available through a platform from InsuraGuest Technologies, an insurtech company delivering digital insurance to multiple sectors.
InsuraGuest coverages gives properties an additional layer of protection should a guest experience an accident, in-room property damage, accidental medical and death & dismemberment or theft while staying at an InsuraGuest-covered hotel property.
The InsuraGuest platform works by having guests pay a nominal fee per night. In the event of an incident, InsuraGuest then pays out for small claims and keeps them off the general liability policy for the hotel operator and lower the cost of the hotel’s liability through claims avoidance.
InsuraGuest integrates with approximately 70 different property management systems through its proprietary API, which enables the organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to the InsuraGuest Hospitality Liability coverages, the covered hotel property can lower their claim ratio and risk profile, which may decrease their general liability premiums.
Additionally, the InsuraGuest product can help generate revenue for participating hotels or vacation rental properties. The hotel extends the coverage to each and every guest, which is activated at check in, and automatically places the charge on their folio or bundling it with their resort/amenity/urban fee. The complete fee for coverage and software is $4.95 a night, of which the hotel keeps 10%.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC., and is administered by InsuraGuest Insurance Agency, LLC.
According to Kevin Eggleston, managing director of HUB’s Hospitality Specialty Practice, by minimizing the frequency of a hotel’s claims, HUB is able to have better underwriting conversations with the marketplace.
InsuraGuest CEO and Chairman Douglas Anderson said the preferred partnership with HUB allows it to expand its product offering to their more than 9,300 hospitality customers in the U.S. this year and into Canada next year.
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