Shared economy businesses like Uber and Airbnb are becoming big around the world with citizens making use of their vehicles for fares and opening up their homes to total strangers.
If something goes wrong, will your insurance company cover you while using these services?
Insurance expert with Norton Rose Fulbright, Daniel Breier says your homeowner insurance might consider you as a business when you use your home as an Airbnb.
He says most standard insurance policies exclude services where you offering accommodation for reward or your vehicle for fares.
Essentially your ordinary personal use insurance policy won't be feasible where you engaging in shared economy.— Daniel Breier, Director at Norton RoseFullbright
It would be a good idea to speak to your broker to see what option are out there...— Daniel Breier, Director at Norton RoseFullbright
Some services such as Airbnb do offer insurance programs by themselves. It is good to see whether that can can cover the gap-in-cover but otherwise you might need to find an expensive policy for that period in which you are trying to use the shared economy.— Daniel Breier, Director at Norton RoseFullbright
To hear the rest of the interview, listen below: