We cover a lot of ground in this session, but when we are through, you will be better able to explain some of the new exposures, policy issues and available options. You will also be more at ease with the so-called disruptors."
Understanding the Ridesharing Exposures and Coverage Options
Ridesharing was the insurance industry's first major introduction to the sharing economy. The growth of Uber, Lyft and the myriad other rideshare companies required the industry to make a coverage determination and draw a coverage line in the sand.
Insurance Services Office (ISO) created three endorsements to address when the PAP ceases to provide coverage (form numbers differ by state, so only endorsement names are used). Depending on the endorsement attached, PAP coverage may cease:
- When the driver turns on the app;
- When the driver has logged in to the app but has NOT accepted a request;
- When the driver accepts a request, but has NOT picked up the rider; or
- When the driver picks up the rider.
- In this segment we review each of the three endorsements and which applies to what point.
Understanding the Home Sharing Exposures and Coverage Options
Airbnb, and other home sharing opportunities, hit the insurance industry about the same time as ridesharing. The difference seemed to be that the pimping of space in your house (or your entire house) was not as contentious or riddled with questions as ridesharing or car sharing.
ISO developed two endorsements for the home sharing client (endorsement numbers vary by state):
- Home Sharing Host Activities Endorsement; and
- Broadened Home Sharing Host Activities Endorsement.
- In this segment we review the unendorsed HO policy to discover how it responds to a home sharing situation and then we review each of these endorsements.
Understanding the Other Property Pimping" Exposures
Beyond cars and homes, your insureds are sharing (or pimping) more than you know; this among both personal lines and commercial lines clients. Do you know what your clients are sharing? Do you know how such sharing might affect or be affected by the insurance coverage?
In this segment we:
- Illuminate what is being shared; and
- Discuss how insurance might be affected or how underwriting might change.
Understanding the Drone Exposure and Coverage Options
Drones, more technically known as unmanned aircraft, were once a very hot topic, so hot that Insurance Services Office (ISO) released six commercial general liability (CGL) endorsements aimed at drones. The fervor seems to have calmed, but misunderstandings still exist.
In this part of the session we discuss:
- Whether the unendorsed CGL policy language effectively excludes drone use or misuse;
- The six endorsements; and
- What information is needed to trigger the limited coverage endorsements.
Do Disruptors" Really Affect You
Lemonade, Slice, Hippo, Next Insurance, Hippo and other so-called disruptors" are all the talk in the trade press. They are cash rich from all the venture capital thrown their way but do they pose a real threat to the independent agency system?
In this capstone segment, we look at the reality of disruptors and make predictions about the future. Yes, they will likely survive and maybe thrive to some extent but they will not replace you. Find out why.