Welcome to Boostly Podcast Episode 383. This is a recap of my Facebook live where I talked about if Peerspace covers the host with insurance.
Here's the audio for this episode:
Here's the video for this episode:
Timestamp
00:00 Start
00:30 Peerspace Insurance
02:50 How to start with Peerspace
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Visual – YouTube
Audio – Boostly Podcast
Transcript from the Episode
We built very early on, I want to say, we debuted this in 2016. A custom-built from the ground up insurance policy, that we partnered with a very reputable global carrier on that was focused on peerspace bookings, and how liability should work in the event of some sort of loss by a third party brought against a host, that was the first thing that we wanted to cover, because while they're extremely rare, that there's the risk of catastrophic loss that they want to make sure hosting up. So they use their space for any type of activity level on their space. So you'll note that for your space hosts, and we've extended the same program to our spaces in Canada, and in the UK. And so the UK, for example, the coverage is up to 1 million pounds, Canada, 1 million Canadian dollars, and so forth.
And it's meant to cover your peerspace activities. And what it is, is it's a general liability policy, the policy is supplemental to your primary coverage. So if you have a short term rental, you should have this primary insurance, whether that's your homeowners' policy, or short term rental policy, because you already have in place, this will come in and say, if there are exclusions around your primary policy for whatever reason, or if the primary line of coverage gets exhausted, due to some kind of claim, your space is here, we got you for this. And so it was really important to comprehensive coverage that will make us feel the confidence in these kinds of transactions.
How to start with Peerspace
It is 100% free to list and it is our job as a platform to get you inquiries to get your booking request. And then of course is to convert them into bookings. When that happens, your space takes a 15% service fee off the subtotal value of your rental. So let's say you listed for 100 pounds an hour, your space will pay you out 85 pounds an hour. And then the 15 pounds per hour will be what peerspace takes. There's also a small processing fee that we charge to support bookings and credit cards on the guest side. So that's not necessarily a fee that has to think about that. But yeah, that's the way it works. And we do a lot of things for hosts to drive the demand and the memories we have a lot of you know secret tactics that we spend a lot of time and effort on whether we're building them on our engineering side or we're just investing a lot of dollars into advertising and brand building. And so that's how we learn that that condition. It's not the type of platform where we essentially live and we do nothing to drive to demand your space every day we're thinking about how we're going to you know, capitalize essentially on the effort spent on having you sign up and having you this your photos we're in this together.
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