TORONTO, ON, MARCH 28, 2022 /inPRESS/ – Short-term rental is one of the most prevalent sectors under the sharing economy model. It allows owners to generate additional income by renting out a portion of the entire home to students, travelers, and short-term rental seekers for a short period through online rental services such as Airbnb.
In reality, short-term rentals come with unique exposures, and ignorant landlords assume these substantial ownership and liability risks, hoping that their usual landlord’s policy will cover them. Thus, it is necessary to raise awareness that condo and homeowners insurance is generally not designed to cover commercial use, leaving homeowners personally exposed to significant risk.
Insurance coverage available through online services such as Airbnb may have unforeseen coverage gaps and holes that could expose homeowners to harm.
Protect short-term rentals with CHES Special Risk!
CHES Special Risk is a leader in providing demand driven insurance solutions for developing economies such as short term rentals. Specialist underwriters have expertise in setting up specialist insurance coverage to meet the needs of changing business landscapes.
CHES Special Risks Short Term Rental insurance covers Short Term Rental Owners for:
- Named Perils Form with Various Limitations and Exclusions
- Building owners as well as tenants only content packages
- Liability limits up to $5,000,000
- Loss of rental income
- Multiple properties in one font with cost savings
- International students included
- Multi-room units considered
CHES Special Risk can also offer a comprehensive Buildings and Contents package, which includes fixtures and fittings, liability, loss of rental income cover and assistance with criminal record and credit reference check services.
Contact the expert team of underwriters to learn more about our CHES Special Risk short-term rental product offering.
ABOUT CHES Special Risks Inc.
CHES Special Risk Inc. was established as a managing general agent and wholesale broker in 2004, in response to broker demand in an increasingly tough market, beginning with a particular specialty in the entertainment industry and hospitality, later becoming a fully accredited Lloyd’s cover holder in 2009. CHES Special Risk and Sister Companies are a fully independent MGA offering ‘A’ rated capacity in both hard to place classes and standard lines and support their retail brokers in growing and developing their businesses.
Additional information regarding CHES Special Risk can be found at: http://www.CHESspecialrisk.ca.
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If you would like more information on this subject, call us at 416-452-7850 or email [email protected]
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