Foundation Risk Partners Signs with InsuraGuest to Lower Insurance Premiums and Transfer Risks for Hotel Clients
December 3, 2020
InsuraGuest‘s Hospitality Liability and tech platform enables hotel operators to transfer small property and medical guest claims to lower general liability premiums and generate additional revenue
Foundation Risk Partners (“FRP”), one of the fastest-growing insurance brokerage and consulting firms in the United States, and InsuraGuest Technologies, Inc.®’s (TSXV: ISGI) wholly-owned subsidiary, InsuraGuest, Inc. (“InsuraGuest“) announce the signing of their agency producer agreement to provide InsuraGuest‘s Hospitality Liability coverage to FRP hotel clients in the U.S.
InsuraGuest‘s coverage and platform transfers high-frequency small property and medical guest claims to reduce risk, decrease premiums and generate revenue for hotel operators.
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.
“Foundation Risk Partners is excited to partner with InsuraGuest Technologies for the benefit of our hotel and resort customers. The InsuraGuest relationship enhances our comprehensive risk management focus within our hospitality vertical,” says Executive Vice President, Southeast Sales, Alan Florez.
“InsuraGuest continues to expand its brand and sales footprint with Foundation Risk Partners, one of the fastest-growing insurance brokerage firms in the U.S. FRP’s team can now offer the InsuraGuest Hospitality Liability coverages to its hotel clients and protect those properties from claims made by guests and their occupants on a primary basis,” said InsuraGuest CEO and Chairman, Douglas Anderson.
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 & 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 their claim ratio and risk profile, which may decrease their 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 to each and every guest, which is activated at check in, and automatically places the charge on their folio or bundling it with their 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.
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. The Company is transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold. CA / LIC: 6001686.
For more information, visit the Company’s website at https://www.InsuraGuest.com.