This follows a report which found the major insurers were not adequately meeting the needs of over one million short-term rental hosts.
Sharing economy insurance provider Pikl has partnered with specialist insurer Hiscox to develop a scheme including policies aimed at people who let out their properties on a short-term basis.
The scheme follows the publication of Pikl’s industry-wide report’Insuring the sharing economy in 2019’ in March. This highlighted that the insurance needs of over one million short-term rental hosts were not being adequately accommodated by major insurers in the UK.
Louise Birritteri, chief executive, Pikl, said: “We’re very excited to enter this partnership with Hiscox.
“This not only gives our policies credibility, it also gives us a much greater ability to tailor our products to cover lots more sharing economy situations and provide cover to a broader range of properties and operators in this growing market.”
Lee Turner, national schemes manager at Hiscox, said: “We’re delighted to be partnering with Pikl who are developing innovative insurance products and have a huge passion for all things sharing economy.
“The sharing economy is an exciting growth market that poses new and interesting challenges for insurers and benefits from having a specialist focusing specifically on the market.
“We expect the demand for these sorts of products to increase as this market grows.”
