RV owners are eager to turn their idle vehicles into supplemental income, while millions of campers across the country are anxious for cost-effective ways to explore the great outdoors. However, a major roadblock to peer-to-peer RV sharing has been insurance protection for the owner, the renter and the platform connecting the two.
A partnership between Liberty Mutual, Woodruff Sawyer and Outdoorsy – the leading peer-to-peer RV sharing company – solved that challenge.
“Outdoorsy presented Liberty Mutual and Woodruff Sawyer with the challenge, and all three of us partnered to craft a solution that provides the peace of mind needed for RV owners to share their vehicles and consumers to rent through the platform,” explains Steve Brown, Sharing Economy Underwriting Manager, National Insurance, Liberty Mutual. “The resulting insurance program allows Outdoorsy to automatically provide $1 million in liability, along with comprehensive and collision protection, for each RV owner sharing their vehicle through the site and for each individual renting a RV through the platform.”
In addition to Outdoorsy, other recent examples of Liberty Mutual’s Global Risk Solutions (GRS) business unit – which provides primary, excess, specialty and reinsurance products domestically and internationally – effectively meeting the complex risk management needs of companies in emerging industries or relying on new operating models or technologies include:
- Droneinsurance.com – Liberty Mutual provides underwriting capacity to an online platform that makes it faster and easier for commercial drone owners to insure their operations and equipment
- Optimus Ride – Liberty Mutual crafted an insurance solution for Optimus Ride, a leading self-driving vehicle technology company on a mission to transform mobility by deploying autonomous vehicles in geofenced areas like Boston’s Seaport and Brookfield’s Halley Rise development in Reston, VA.
- Turo – Part of the sharing economy, Turo allows individuals to offer their vehicles for short-term rentals. Liberty Mutual provides an insurance solution that protects owners, renters and the platform
SOURCE Liberty Mutual Insurance