InsuraGuest Increasing Reach of Proprietary Technology
Supplemental travel accommodations insurance provider InsuraGuest Technologies Inc. (TSX.V: ISGI) resumed trading on the TSX Venture Exchange at the market’s opening on Friday, February 28, under the ticker symbol ‘ISGI’.
The name change and consolidation of capital follow a resolution voted on by shareholders at a special meeting held November 29 in which the shareholders approved the company’s acquisition of all of InsuraGuest’s shares for a consideration of 21,080,992 shares, 5,180,000 replacement warrants, 30,354,635 performance warrants and 700,000 options of the company, which the TSX Exchange has accepted (http://nnw.fm/06gSa).
InsuraGuest has been expanding the reach of its proprietary insurtech software platform nationwide in the United States, has entered Europe and the United Kingdom, and expects to launch into Asia by mid-year in 2020. Its platform is adaptable to the technology used by the industry’s players, ensuring coverage is governed by a single software system.
The company’s technology is designed to help sustain the travel lodging industry, providing a specialized Hospitality Liability insurance coverage policy to businesses such as hotels, vacation rentals and Airbnb-type residences that are redefining how travelers and tourists take care of their sleep and comfort needs while away from home.
InsuraGuest’s Hospitality Liability policy is a stop-gap product sold to the lodging facility and then included with the facility’s services provided to the customer for a nightly fee. It offers a first line of defense for both the property and the guest in case of personal property theft in the lodging site, as well as accidental in-room damage, accidental medical expense, and accidental death and dismemberment while at the site up to the policy limits, as underwritten by Crum & Forster companies.
Travelers may otherwise find that property owners’ short-term rental insurance policies don’t protect the property’s guests, or that their own travel insurance and homeowner policies fall short of their needs away from home. Airbnb offers a $1 million property damage coverage policy to its sites, but a number of customers have argued in lawsuits that the company has fallen short of its obligations when the need arose (http://nnw.fm/4jkvP).
“Currently, the biggest issue in the vacation rental industry is about standards, and safety and security compliance. Until now, there has been very little guidance for property managers and owners as to how to operate their properties with best practice when it comes to guest safety and security,” Canadian rental certification business founder Wolf Wörster stated in a Viva Glam magazine article on the industry (http://nnw.fm/4LKSt).
About InsuraGuest. Inc.
InsuraGuest Technologies Inc. (TSX.V: ISGI) is a software company that utilizes its proprietary insurtech (insurance + technology) platform to deliver digital insurance to its customers. Its first product, InsuraGuest Hospitality, delivers custom Hospitality Liability coverages to hotels and vacation rentals. InsuraGuest coverages are purchased by the hotels and vacation rental properties, which can address covered claims from guests and their room occupants during their stay.
For more information, visit the company’s website at www.InsuraGuest.com