Honan gets into bed with Youcamp
Honan Insurance Group has teamed up with Youcamp to arrange an insurance program for the growing sharing economy player.
Youcamp was set up in 2013 to let rural landowners open new revenue streams by welcoming campers to their properties.
It has now introduced Youcamp Safe, an insurance solution underwritten by Lloyd’s and designed to protect hosts from claims by guests for injury or property damage.
Honan told insuranceNEWS.com.au it is seeking new opportunities as the lines between technology, business and customer experience become blurred.
“The relationship with Youcamp was driven by us,” MD Andrew Fluitsma said.
“The key hurdle faced by Youcamp was that traditional farm insurance policies exclude hosting activities.
“This left hosts exposed when they advertised their property or land to guests. The cost for a host to purchase a separate standalone policy was highly prohibitive.
“We recognised the opportunity to provide a solution that was cost-effective but also provided comprehensive cover.”
Honan built a general liability policy into the Youcamp booking platform. Premiums are collected as a percentage of the booking fee.
Honan believes the sharing economy offers further “untapped opportunities” for the insurance sector.
“We are currently exploring a number of opportunities with clients in the share economy whose needs are not being met by the traditional broker model,” Mr Fluitsma told insuranceNEWS.com.au.