Vancouver, British Columbia–(Newsfile Corp. – December 8, 2020)
InsuraGuest Technologies, Inc.® (TSXV: ISGI) (the “Company” or “InsuraGuest”), through its wholly owned U.S. subsidiary InsuraGuest Risk Purchasing Group, Inc. (“ISG”), is pleased to announce it has renewed its annual contract with Wisp Resorts to supply its InsuraGuest Hospitality Liability coverages which cover claims made by resort guests on a primary basis.
To date, InsuraGuest’s Hospitality Liability policy and platform have covered 9,311 room nights at the 168 room Wisp Resort located in McHenry, Maryland.o
A considerable portion of a hotel operator’s claims come from small property or medical claims that are frequently applied to the general liability policy. This high frequency in claims drives up premium prices. The InsuraGuest solution transfers the risk from the hotel operator by having guests pay a nominal fee per night. InsuraGuest then pays out these small claims, avoiding impact to the hotel operator’s general liability policy.
InsuraGuest is an insurtech company that utilizes a proprietary software platform to deliver specialized Hospitality Liability coverages to member hotel properties. With InsuraGuest custom coverages, properties benefit from an additional layer of protection should a guest experience an accident, in-room property damage, accidental medical and death and dismemberment, or theft while staying at an InsuraGuest-covered hotel property.
Property Management System Integration
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 InsuraGuest Hospitality Liability coverages, the covered hotel property can lower its claim ratio and risk profile, which may decrease the property’s general liability premiums.
Generating Revenue for Hotel Operators
The InsuraGuest product can also assist in generating revenue for participating hotels or vacation rental properties. The hotel extends the coverage, which is activated at check in, to each and every guest, and automatically places the charge on their folio or bundles it with the 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. CA / LIC: 6001686
InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) is an insurtech (insurance + technology) company that’s disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We’re transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
CA / LIC: 6001686
For more information, visit: www.InsuraGuest.com
