GUARDHOG– a sharing economy targeted insurtech platform, are absorbing 100% of this newest enhance for his or her prospects.
PRESS RELEASE
Sharing economy insurtech platform GUARDHOG
refuse to ‘share’ insurance premium tax price hike
IPT price will increase by 20% on June 1st 2017 – however GUARDHOG prospects gained’t be requested to pay
LONDON, 18th May, 2017 – Insurance premium tax (IPT) – a tax levied on all normal insurance premiums, and finally paid by the tip shopper, will enhance once more this June, doubling from 6% to 12% in underneath two years.1 But GUARDHOG– a sharing economy targeted insurtech platform, are absorbing 100% of this newest enhance for his or her prospects.
Typically, it’s the peer-to-peer marketplaces and their contributors who take out GUARDHOG insurance to cowl themselves the place conventional insurance policies don’t attain. From ‘hosts’ renting their residence on Airbnb to the platforms who insure their shoppers… for the “stuff” borrowed on Fat Lama and “bags” saved through CityStasher…
“The world is just getting comfortable with the concept of ‘economic sharing’”, says Humphrey Bowles, Top Hog at GUARDHOG. “And bespoke insurance merchandise designed particularly for peer-to-peer transactions, like ours, are proving central in serving to individuals mitigate danger, construct belief within the sharing economy, and become involved. We suppose this newest stealth price hike by the UK authorities is just too harsh, particularly when you think about wage stagnation, rising costs and uncertainty created by the election and Brexit. Consumers need assistance and we predict companies want to take a long-term view that at all times places their prospects first. Therefore, we’re not going to ‘hospital pass’ the tax rise on however discover methods to accommodate it ourselves. We suppose our actions will solely profit our prospects and the sharing economy, to hopefully stimulate additional progress. The sharing economy is a superb approach to earn further money from underused property but it surely’s crucially vital to be sure you’re correctly insured if you’re collaborating.”
Rajiv Patel CEO and Founder, My Property Host says, “We have a GUARDHOG crowd policy that automatically covers our Hosts and their homes. It’s a great way of making sure our Hosts are insured when they’re using platforms like Airbnb and Booking.com. We do this to ensure that if the worst does happen, everyone is protected, meaning people can participate in the knowledge they can ‘share’ safely. That GUARDHOG is absorbing this cost increase for us, means we can continue to focus on our business goals – knowing that our insurer is fully supporting us – without worrying about additional unexpected expenses that could affect our growth strategy. It is so refreshing to see a company take a path that puts their customers first. I guess this embodies the best of the sharing economy.”
In a survey of over 100 individuals, compiled by GUARDHOG, over 70% of respondents mentioned they might belief an insurance firm who bore the brunt of a tax enhance on premiums.2 That belief is so central to the ethos of the sharing economy (as a result of it’s belief that enables somebody to lease a room in a home or borrow a bag from somebody they’ve by no means met earlier than) – GUARDHOG is placing its bacon the place its snout is. By absorbing the Government’s price hike for its prospects GUARDHOG is constructing belief with its sharing economy buyer base, and its place as an enabler for the expansion of this peer-to-peer sector.
-ends-
Notes to editors:
• GUARDHOG (www.guardhog.com) was based in 2016 by Humphrey Bowles and Andrew Boldt
• GUARDHOG is an insuretech innovator – inventing and re-imagining insurance designed for the sharing economy
• Offering 24/7 on-demand insurance options – GUARDHOG offers the service customers and repair suppliers of peer-to-peer sharing economy marketplaces the ability to share safely
• Humphrey Bowles is Top Hog at GUARDHOG. Prior to co-founding the progressive insuretech firm, he was a part of the workforce that grew peer-to-peer lodging sharing platform onefinestay
• Top Hog Humphrey just isn’t solely an insurer {and professional} knowledgeable within the sharing economy, he’s a participant too. Humphrey together with his spouse Hatty, daughter Nelly and canine Goose are Airbnb hosts – ‘home sharing’ their stunning West London property on the sharing platform. And not solely are they hosts – they’re superhosts. They’ve received the Airbnb medal to present it!
• Insurance Premium Tax is levied on all normal insurance premiums within the UK and finally paid by the ‘insured party’ – in different phrases, the house proprietor, automobile proprietor, individual going travelling and many others. It’s most akin to VAT, for which all normal insurance merchandise stay exempt
• IPT will enhance by 20% (from 10% to 12%) on June 1st 2017
References
1. https://www.gov.uk/government/publications/insurance-premium…
2. OnePoll. Data on file 2017. GUARDHOG
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