One80 Intermediaries, a specialty insurance broker headquartered in Boston, has launched boat rental insurance.
One80 Intermediaries is an insurance wholesaler and programme manager with offices throughout the US and Canada. The company offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages.
In partnership with InsurTech platform vQuip, One80 Intermediaries launched the programme to solve a “critical concern” for rental boat liveries.
Prior to this product being launched, One80 Intermediaries said an individual renter or charterer of a boat had no means of securing liability protection for themselves as an operator of the vessel.
The launch also solves a problem for rental boat liveries in Florida that are facing a deadline to comply with a new law that goes into effect January 1st, 2023. The law, SB606 cited as “Boating Safety Act of 2022” creates a requirement for rental liveries to obtain liability insurance that covers the rental livery as well as the boat renter, which this product satisfies, enabling rental liveries to remain open and in compliance with the new law.
Cam Serigne, CEO at vQuip, said, “We are very excited to insure the future of the rental industry through our partnership with One80. This is a big step forward for all involved towards creating a more open and fair rental insurance market.
“Not only does our platform solve for the issue of renters not being able to secure coverage, but our platform provides for a seamless integrated approach for a renter to shop and book their rentals while providing critical risk mitigation for the rental facilities by automating, documenting and educating the renter throughout the checkout process. It truly is an end-to-end solution that adds great value to the consumer and the rental facility.”
Last year, InsurTech Qover launched an embedded insurance orchestration technology, designed to help companies add any insurance programme to an existing programme.
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