Managing director says deal will add value for brokers and customers
Insurtech Pikl has formed a new partnership with Prestige Underwriting to offer brokers specialist cover for customers renting out properties, rooms and parking spaces.
A statement released earlier this week (3 May 2023) said the move will give Prestige Underwriting’s 1,300 broker partners access to Pikl’s top-up insurance products through its covernet portal.
In turn, this will help them find the right cover for clients operating in the sharing economy.
Alison Williams, managing director of Prestige Underwriting, said the business was “delighted” about the partnership.
“At Prestige Underwriting, we are committed to continually evolving our product portfolio and this new partnership complements our non-standard home offering, adding value for our brokers and their customers,” she said.
Market gap
Pikl said its specialist products address a gap in the market, as ”most standard insurance policies will not provide cover to people who let out their rooms, whole properties or parking spaces on a short term basis”.
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The company added that customers are currently expected to inform their insurer and mortgage lender if they plan to rent their home or a room out in it to comply with terms.
Louise Birritteri, Pikl founder and chief executive, said: “Not enough people are aware that if you rent out a room in your house, the whole property, or even a car parking space assigned to you, you could be liable to a claim that your standard household insurance policy will not cover.
“That message is starting to be heard and understood as evidenced by this tie-up with Prestige Underwriting.”
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