InsuraGuest Technologies, Inc.® (TSXV: ISGI) (the "Company" or "InsuraGuest"), through its wholly owned U.S. subsidiary InsuraGuest Risk Purchasing Group, Inc. ("ISG"), is pleased to announce it has renewed its annual contract with Wisp Resorts to supply its InsuraGuest Hospitality Liability coverages which cover claims made by resort guests on a primary basis.
To date, InsuraGuest's Hospitality Liability policy and platform have covered 9,311 room nights at the 168 room Wisp Resort located in McHenry, Maryland.o
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.
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 and 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 its claim ratio and risk profile, which may decrease the property's 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, which is activated at check in, to each and every guest, and automatically places the charge on their folio or bundles it with the 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 Wisp Resort
Tucked away in the mountains of Western Maryland lies Wisp Resort, Maryland's only four-season ski, golf and recreational destination resort.
Wisp's 172 acres of ski terrain provides snow-sport enthusiasts of all levels a stellar winter playground. Non-skiers and boarders won't be left out. In fact, they'll have just as much trouble deciding what to do next with all that Wisp Resort and the Deep Creek Lake area have to offer: mountain coaster, cross country skiing, snowshoeing, shopping, dining and more including the new Wisp Escape Games.
For more information, visit: www.WispResort.com
InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) is an insurtech (insurance + technology) company that's disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We're transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
CA / LIC: 6001686
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The Insurance industry is intensely competitive in the business owner policy sector and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
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