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In the weeks following Hurricane Patricia, the communities that were not as severely affected have gone out of their way to help the communities that were in the storm’s path. People in communities all along the Pacific coast have held fundraisers, donated money and items, and personally driven to the affected areas to provide assistance to those in need.
The collaborative economy is the new way of doing business. One of the most successful examples is Airbnb. Renting a short-term home through this platform seems like an easy way to get fast cash without so much work or investment, especially with the growing popularity of vacation rentals. However, despite the numbers demonstrating its economic benefits at full scale, this business model has become a challenge for prevention.
This is insurance designed to cover the responsibilities that arise from properties used for temporary rental and lodging through portals or applications in the sharing or collaborative economy. The insurance compensates the property owner for liability to a third party, for damage or injury caused unintentionally during the rental period. It includes the following coverages.