Insurance Tailors launches new home swap insurance product for Love Home Swap members
Bringing peace of mind to home swapping holiday makers
Insurance Tailors, (http://insurancetailors.com) a specialist UK insurance broker, has been working with innovative businesses and insurers to create risk solutions for a growing sector of new business start-ups that have non-traditional insurance requirements.
Love Home Swap (http://www.lovehomeswap.com) is part of the revolution that is happening in social travel. It enables consumers to swap their homes with others to save money on inspiring vacations, in what CEO Debbie Wosskow refers to as “online dating for homes”. Traditional home insurance policies can often be unsuitable for the business and other types of collaborative sharing businesses, as they can exclude key elements of cover such as accidental property damage for the duration of the swap.
Many insurers Wosskow approached failed to understand the needs of Love Home Swap. But in partnership with brokers Insurance Tailors and home insurance experts, Hiscox, a niche product has been designed that will provide cover designed specifically for home swapping – a first for this sector.
“Insurance Tailors took on the challenge our business presented and thoroughly understood our clients’ risks and requirements,” states Wosskow. “It has been a breath of fresh air to work with a progressive broker and I am delighted that an insurer of Hiscox’s pedigree is working with us to offer a bespoke product for our clients”. Despite fulfilling the needs for European home swaps, there is still a gap for worldwide cover; she goes on to say, “the next stage is to develop a global policy, which will no doubt be a tougher challenge”.
Responding to the frustrations of many collaborative businesses, Andrew Boldt, MD of Insurance Tailors says: “There is an element of insurance required in all businesses and the traditional slow pace of change in the industry can be frustrating, especially to new and entrepreneurial businesses such as Love Home Swap. This shouldn’t however be a barrier to entrepreneurs with great ideas; where existing insurance policies don’t fit, we work with insurers – in this case Hiscox – to create new, tailored policies that allow the business to grow. We relish the challenge of working with the many exciting businesses looking to innovate within their respective industries, as we are in ours.”
Gavin Abbs, a home insurance expert at Hiscox said; “Hiscox has a long and proud history of providing specialist cover and we confidently manage insurance issues which may be regarded as being too complex for other companies. Working in conjunction with Insurance Tailors we’ve been able to create an insurance policy which has the potential to influence holiday habits and helps support the growing trend for homeswap holidays. The Homeswap Insurance policy gives policyholders peace of mind, so they can enjoy their holiday whilst someone is enjoying their home.”
The Homeswap Insurance policy is designed to cover home swappers for damage to the contents of their property during a homeswap and is designed to complement rather than replace standard home insurance. It includes cover for general contents and fixtures and fittings located in the property whilst a third party is in your home and participating in a homeswap arrangement. The cover includes accidental loss or damage, malicious damage and theft by a third party.
The Homeswap Insurance policy is available from Tuesday 18th December from Insurance Tailors www.insurancetailors.com or on
+44(0)20 7199 3258
Insurance Tailors Ltd
Gail Walker, T: 020 8265 3256 E: gail @ opendoorpr.co.uk
Potential policyholders must check with their existing home insurance company to establish if their standard cover provides adequate cover for their home during the home swap. If the cover is not sufficient, potential policy holders can get a quote for the new The Homeswap Insurance policy.
Insurance Tailors Ltd is an independent London based insurance broker, specialising in private client insurance. Founded in 2007 it offers both commercial and personal lines and is authorised and regulated by the Financial Services Authority.
Love Home Swap (www.LoveHomeSwap.com) is the stylish home swap holiday service, with thousands of inspiring properties listed in over 100 countries worldwide – from London lofts to Swiss ski chalets, Californian condos to Balinese beach retreats:
Members save an average of £2,202 per home swap
Love Home Swap is the world’s most socially connected home exchange site – with LinkedIn, Skype and Twitter Connect and a unique Facebook app allowing you to find swaps from within your wider social network
Following an initial free trial membership, Love Home Swap costs only £99 a year for standard membership for an unlimited number of swaps. Or £199 a year for Luxe membership that includes access to a dedicated Swap-finding team and 5-star Concierge when you travel
Love Home Swap is a trading name of The Home Swapping Company Ltd, which is an Introducer Appointed Representative of Insurance Tailors Ltd.
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.
For further information, visit www.hiscox.com.