Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconForensic Investigation Services
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
Image
  Subscribe To »

Insurance in the age of Airbnb

Published

2019

Mon

02

Sep

Company Listing: Indwe Risk Services »
 

Johannesburg, Gauteng – Airbnb has arrived in South Africa in a big way. In fact, since its launch in 2008, the lodging marketplace has grown to more than 150 million users with listings in almost 200 countries. However, for locals looking to rent out their properties, there are insurance implications to consider, says Joe Szemerei, Executive Director: individual & volume business  of Indwe Risk Services.

“It is critical for any host to carefully review their policy and clarify exactly what they are covered for. Just as Uber impacted car insurance, so too does Airbnb change how household insurance should be viewed,” he says.

This directly impacts not only the household goods and the house owner’s sections, but also tenant’s behaviour, and other liability concerns.

Fundamentally, the policy must reflect the fact that the residence is hired out. This will likely result in an additional excess being payable for all claims that are made as a result of theft, attempted theft, or malicious damage whilst the home is unoccupied. Furthermore, malicious damage caused by anyone living in the home or outbuilding is excluded from a policy.

“And when it comes to theft or attempted theft, claims are subject to visible signs of forced entry or exit from the insured property. Where things become more complex, is when the tenant’s behaviour must be factored in,” he says.

Fortunately, if a tenant living on the property acts in a way that would normally make the policy invalid, all is not lost. The owner could still be compensated if certain conditions are met.

These include not knowing or agreeing to the tenant’s action or omission if something has been broken or stolen. However, it is critical that the policy owner must inform the insurer about the action or omission as soon as they find out about it.

Finally, if the rejection of the claim was not due to fraud, dishonesty, misrepresentation, or any event deliberately caused by the insurer, then the policy will still be honoured.

“People must remember that insurers do not compensate for liability related to the policyholder’s employment, business, or profession. So, it is important to understand the distinction, if being an Airbnb host is that person’s sole income,” he says.

If you are uncertain about anything or would like to re-evaluate your cover, please speak to your Indwe advisor for all your risk profile requirements.

 
Source: Indwe Risk Services
 
« Back to previous page Print this page » |
 

Breaking News »

Momentum introduces safety alert for consumer peace of mind

Momentum Short Term Insurance has boosted its safety offerings for customers with the introduction of Safety Alert, an innovative emergency panic button linked to armed response, which is available on the Momentum ...
Read More »

  

Coface South Africa Champions at the 2019 Gender Mainstreaming Awards

Coface South Africa, the international credit insurer, was the overall Gender Mainstreaming Champion at the 2019 Awards. Winning four different awards: The award for a Non-JSE listed company in the category ...
Read More »

  

Tial Turning Twenty

As Tial celebrates 20 years, it is time to reflect on what has been an incredible journey that has led to us being the successful entity we are today. It is incumbent on us to say a very big thank you to all of ...
Read More »

  

What are the chances? Preparing for curveballs

You accelerate instead of press the brake pedal – life happens. Unfortunately, if it’s when your vehicle goes through an office window, it can cost a lot more than you bargained for. You just ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Advertise Here
Image
Image
Image
Image
Image
Image
Image
Image
Advertise Here

From The Glossary »

Icon

Retirement Age:

The age at which a pension fund member is entitled to receive benefits.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2019. All Rights Reserved.