NetworkNewsBreaks – InsuraGuest Technologies Inc. (TSX.V: ISGI) Increasing Reach of Proprietary Technology
April 1, 2020
- InsuraGuest Technologies provides travel lodging insurance designed as a stop-gap measure to protect travelers and the establishments where they stay in cases where existing policies may not provide coverage
- The company resumed trading on the TSX Venture Exchange on Friday, Feb. 28 at the market’s opening
- InsuraGuest’s ticker will now be ISGI, following a capital consolidation resolution approved by shareholders in November that has been accepted by the TSX exchange
- InsuraGuest is expanding the reach of its proprietary technology throughout the United States, Europe, and the United Kingdom, with expectations to enter Asia in mid-2020
- InsuraGuest’s policy, underwritten by Crum & Forster companies, provides first-response protection in cases of in-room property damage, lost or stolen goods, accidental medical expenses, and accidental death and dismemberment at the lodging site up to the policy limits
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).
For more information, visit the company’s website at www.InsuraGuest.com
About InsuraGuest Technologies Inc.
InsuraGuest is a world-leading SaaS (Software-as-a-Service) company that utilizes its proprietary insurtech (insurance + technology) flagship software, InsuraGuest, to deliver digital insurance. Its first focus is the Hospitality sector where it delivers custom Hospitality Liability coverages through its wholly-owned subsidiary, InsuraGuest Risk Purchasing Group LLC. Through the combination of InsuraGuest’s integrated software and custom coverages, guests benefit from the property having InsuraGuest if there are losses during their stays. InsuraGuest coverages are purchased by the hotels and vacation rental properties, which can address claims from guests and their room occupants during their stay. The InsuraGuest Hospitality Liability coverages insert a layer of protection on a primary basis should a guest or their room occupants experience an accident and/or theft during their stays at insured hotels or vacation rental properties. For more information, visit the company’s website at www.InsuraGuest.com.