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New York-based insurance coverage know-how firm Oyster has launched a brand new usage-based rental insurance coverage product for companies throughout the US.
The rental insurance coverage providing will present complete protection to retailers, rental outlets, and marketplaces for shielding the rental property that the companies provide for rental, lease, and subscription functions.
Oyster’s insurance coverage product will safeguard rental property resembling bikes, kayaks, e-bikes, and paddleboards from any unintentional harm, theft, and catastrophic occasions whereas they’re rented.
Protection supplied beneath this rental insurance coverage product can vary from a single day to over a yr.
The corporate mentioned that it has adopted a usage-based pricing mannequin for the brand new rental insurance coverage product to make sure that companies and riders are required to solely pay for insurance coverage throughout the rental interval.
The rental insurance coverage product, which is built-in into Oyster’s platform, may be customised for various rental property and operations.
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In keeping with Oyster, companies can defend their rental property on a restore and substitute foundation, which begins with a $0 deductible.
Oyster co-founder and CEO Vic Yeh mentioned: “The increasing rental market presents danger challenges for companies as a result of distinct nature of renting an merchandise.
“Leveraging Oyster’s tech-driven underwriting platform, we at the moment are in a position to present complete protection for the quickly rising rental market.”
Backed by a number of traders, together with New Stack Ventures and Conversion Capital, Oyster specialises in offering a very built-in suite of insurance coverage services and products for shoppers and retailers.
Utilising Oyster’s insurance coverage merchandise, retailers and companies provide insurance coverage to their clients at point-of-sale. It additionally helps retailers to boost their operational capabilities with completely different software program tooling.
In the meantime, shoppers can utilise Oyster’s merchandise to get private insurance coverage and handle present insurance policies in a single place.
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