US: Leading provider of automated digital travel and property protection services, RentalGuardian, has introduced a new insurance programme.
Master Cancel aims to allow property managers to provide the most flexible cancellations policies to guests.
The programme reimburses property managers for cancellations occurring between two and 60 days prior to check-in, regardless of travel insurance. The protected revenue includes the entire booking, beyond initial deposits.
Brady Stump, CEO of RentalGuardian and co-creator of Master Cancel, said: “The Covid-19 pandemic has further highlighted the need for this kind of protection for the vacation rental industry which has been so hard-hit by travel interruptions. We realized this was an idea whose time had come, and we’re delighted to expand our offerings to include this important service to our clients.”
Insurance providers have been changing their offerings during the pandemic due to the rise of new risk categories. Companies such as InsuraGuest and Proper Insurance have started offering properties specialised to vacation and short-term rentals.
RentalGuardian has partnered with a syndicate of AM Best A-rated carriers in order to create the programme. The flexibility has also been linked to including increased bookings, more favourable online travel agent [OTA] search visibility, and driving new inventory to property managers.
John Slaughter, RentalGuardian’s SVP of Strategy, and co-creator of Master Cancel, said: “Traditional travel protection programmes primarily protect the traveller, so our experience working with property managers showed us the value of this innovative product to the industry. Not only will this programme protect owners’ financial interests it will also enhance guest satisfaction – it’s a win-win for both parties.”
The company partnered with property management systems, Super Control, LiuveRez and VRM, earlier this year to help integrate the new system. It has been reliant upon integrated underwriters from across its parent company, InhabitHQ, to develop such a high-risk programme.