Munich Re America now has a personal lines homesharing insurance product designed for folks who rent their homes out for a profit in the U.S. Beazley has added two new product lines to its broker e-trading platform myBeazley, with a focus on private businesses domiciled in the UK.
Munich Re America is rolling out a new personal lines homesharing insurance product for hosts who rent their homes out for a profit in the U.S.
Its Homesharing Coverage Endorsement is designed to help enhance a personal lines homeowner, renter or condo insurance policy by filling in certain coverage gaps when a home is being rented out.
Specifically, it can be rebranded and attached to a personal lines homeowners, renters or condo policy purchased through a participating insurance carrier. When attached to a homeowners policy, the endorsement broadens the underlying coverage for Dwelling, Other Structures and Personal Property to cover property losses resulting from homesharing activity only. The endorsement provides coverage for homesharing hosts following loss or damage to the insured residence and personal property, as well as liability to others.
Additional benefits include: The policyholder/homeowner is the named insured providing them with policy rights. As well, additional coverages provided by the endorsement (subject to limits) include: Landlord’s Furnishings, Excessive Use of Utilities, Hospital and Medical Expenses, Bed Bug Infestation Coverage, Homesharing Damage to Property of Others, Claims Expenses due to Homesharing, Vandalism to Neighbors, and Water Damage to Neighbors
Beazley has added two new product lines to its broker e-trading platform myBeazley to meet the needs of UK-domiciled private businesses with a turnover of up to $457.8 million.
UK brokers can now access Beazley’s comprehensive service-led cyber product, Beazley Breach Response (BBR), and management liability, which includes directors’ & officers’ (D&O) insurance with limits of liability on an any one claim basis, as well as the option to add crime and/or employment practice liability cover.
As well as D&O cover and the option to add crime and employment practices, the management liability package also includes additional risk management services:
- Website recovery. A technical support service helps clients get their website up and running as quickly as possible if it suffers a denial of service attack.
- Executive replacement. A service that provides access to a £50,000 ($65,406) fund to cover the temporary appointment of a replacement executive.
- Employment practices legal helpline. This tailor-made helpline is provided by Clyde & Co.
BBR is Beazley’s comprehensive data breach product, which gives insureds access to a range of pre and post breach risk management services designed to help an organization prepare for, and respond to a data breach or cyber attack.
Sources: Munich Re America, Beazley