- Wisp Resort has already covered 9,311 room nights and counting with InsuraGuest Hospitality Liability coverage
- The company’s Hospitality Liability Policy helps reduce properties’ risk and claim ratio, which could potentially lower the premiums for General Liability coverages
- InsuraGuest is disrupting the current insurance market by offering digital insurance solutions across multiple sectors – not just hospitality
Innovative insurtech provider InsuraGuest Technologies (TSX.V: ISGI), through the wholly-owned United States subsidiary, InsuraGuest Risk Purchasing Group, Inc., has announced that its annual contract with Wisp Resorts over the Hospitality Liability Coverage has been renewed (https://ibn.fm/7zEtW).
Following the renewal, Wisp Resort, the only four-season ski, golf, and recreational destination resort in the mountains of Western Maryland, will continue to provide InsuraGuest Hospitality Liability Policy coverage to its 168-room resort. To date, Wisp has covered 9,311 room nights and counting.
By harnessing the power of technology, InsuraGuest has changed the way that insurance is delivered to hotels and vacation rentals. The company’s Hospitality Liability coverage was designed to help the property transfer certain risks away from their General Liability insurance by adding a layer of protection for the property should a guest experience a mishap or accident. This way, the policy helps pay for accidental in-room property damage, lost or stolen goods, medical payments, and accidental death and dismemberment. These often have limitations or high deductibles when exposed to the company’s General Liability insurance coverages.
Adversely, some of the claims turned in to General Liability are so small yet create a big impact. The more claims that you have, the higher risk you are. If you are considered a high-risk company, your premiums are higher. With InsuraGuest, hotels and vacation rentals now have the ability to help manage their insurance premiums by transferring certain risks onto the Hospitality Liability policies InsuraGuest provides.
Hotel operators can even generate revenue using InsuraGuest. Coverage is activated upon a guest checking into an InsuraGuest covered property. The charge is placed on the guest’s folio, or it is bundled into the resort/amenity/urban fees. The hotel keeps 10% of this charge for their own revenue.
The contract with Wisp Resorts is one of several partnerships InsuraGuest has made lately to further cement its leading position on the fast-growing insurtech market. With technology touching almost every industry worldwide, the insurance industry has been no exception. Valued at $5.48 billion in 2019, the global insurtech sector is expected to reach $10.14 billion by 2025, with a CAGR of 10.8% during the forecast period of 2019-2025 (https://ibn.fm/udChj).
This growth offers multiple opportunities to InsuraGuest, a company committed to harnessing the power of technology to reinvent the insurance industry. With a proprietary software platform that delivers digital insurance to multiple sectors across various industries, the company aims to revolutionize the way insurance is delivered based on the idea that insurance should be bought and not sold.
For more information, visit the company’s website at www.InsuraGuest.com.
NOTE TO INVESTORS: The latest news and updates relating to ISGI are available in the company’s newsroom at http://ibn.fm/ISGI
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