Inlet launches insurance products for sharing economy

George Sell By George Sell
22 November 2017 | Updated 22 November 2017

UK: Inlet, a start-up insurance broker, is set to launch products for “the burgeoning sharing economy of AirBnB hosts and parking space rentals”.

Inlet is launching with ten products covering four main product areas and plans to grow that to around 35 during 2018. The products areas that are available now are:
• Host insurance - cover for homeowners, tenants and landlords for the letting of rooms, annexes and whole houses
• House swap - cover for homeowners and tenants who are house swapping
• Landlord protection - cover for landlords to protect themselves should tenants sub-let their  property, with or without their knowledge
• Parking host - cover for people letting their garage, driveway or allocated parking
The Norwich-based business is the brainchild of former Arthur J Gallagher and Co-op Insurance Head of Pricing, Louise Birritteri, who said: "The sharing economy has really taken off in the last couple of years but what people don't realise is that, in most cases, their standard home or landlord insurance policy won't cover them for losses or their liability for these types of short term letting activities - whether that's letting a room in their house or renting out a parking space."
"Some insurance providers do offer a level of cover for these sorts of arrangements in annual policies but it often falls short of what the customer actually needs. It means that not only do they not have the right cover but they also end up having no choice but to pay over the odds for year-round insurance when, in most instances, they only need cover for a limited number of days a year," she added.
"With Inlet's insurance products, people can buy cover they need 'on-demand', from a broker or direct, at a fixed daily price, for pretty much any period they like. Using the Inlet website, it takes no more than 2-3 minutes to arrange and costs from as little as £1 a day. We've also recognised that paying by the day can get expensive quite quickly, so we also offer packages for 35 and 90 days' cover, as well as full year cover. Our aim is to make sure people only pay for what they need, at the most appropriate price, so they don't end up wasting some of the valuable income they earn from asset renting on insurance they don't need."

"There is huge potential in this market sector and I would encourage brokers to look into it as it could provide a real safeguard for their clients, protecting them from future liabilities and losses," she concluded.
All products are underwritten by UK General, on behalf of Great Lakes a wholly owned subsidiary of Munich RE, and have an AA- rating from S&P and AM Best rated A+.

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