When it comes to insurance, people like options. And it appears, InsuraGuest Technologies (TSXV: ISGI) is well aware of that concept. The firm this morning announced an expansion to its offerings for vacation rental policy holders, enabling operators to select their level of coverage for certain insurance products.
More specifically, the company has increased its ceiling for property damage insurance, specifically for vacation rental policy holders. Whereas previously the firm offered coverages of up to $10,000 for such damages, that figure has now more than doubled to $25,000, with policy holders now able to custom tailor their policy to property damage coverages of $1,000, $10,000 or $25,000 per reservation.
Effectively, the property damage ceiling now matches the coverage ceiling that the company offers for its primary no fault medical coverage products – a product which no one else currently offers on the market today.
Commenting on the announcement, President Reed Wright stated, “Our high-end vacation rental customers have requested the ability to secure more coverage and we answered the call. Now our customers can choose the Property Damage coverage that addresses their specific needs. At the same time, we are providing the vacation rental insurance sector with one of the largest Property Damage policies on the market today.“
The development is timely, considering just two weeks ago the company began the process of onboarding IGMS to its vendor integration API, a firm who’s platform currently boasts over 127,000 vacation rental listings. The company also recently signed on to a strategic alliance with SuiteLife, whom boasts access to 700 hotels that it provides specialty insurance products to.
InsuraGuest Technologies last traded at $0.37 on the TSX Venture.
FULL DISCLOSURE: InsuraGuest Technologies is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover InsuraGuest Technologies on The Deep Dive, with The Deep Dive having full editorial control. Additionally, the author personally holds shares of the company. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
