I am new to Peerspace and had a couple of questions regarding insurance.
Does booking through Peerspace provide any type of liability insurance or is it best to require client to provide Insurance with owner named as “additionally insured”?
Can we add language to the booking regarding Covid and or ensuring there is Security there?
I have the same question. Have you had any response?
Hi, you can find information about how Peerspace treats COVID liability and insurance in our Peerspace Services Agreement or read help articles about these topics in our Support Center.
Peerspace does offer supplemental (not Primary coverage) for all hosts making bookings. This coverage is up to $1,000,000. More information is provided here. Note thatall hosts and guests are required to maintain primary insurance coverage for the activities they are conducting on Peerspace. A homeowner’s policy, for example, must have endorsements for whatever short term activity you are booking your space for. It is possible if your primary declines you that the supplemental may also be denied. Please look into your insurance coverage options and make sure you are covered as this is a key term you agree to when signing up and transacting with Peerspace. Hosts may also direct guests to deliver them a proof of coverage with the host/address listed as additionally insured if they make this clear in their listing’s rules and messages.
Regarding Peerspace’s handling of COVID liability, please review other topics in this forum like this one.
Thank you.
For the attention of Matthew B Co-Founder, Head of Operations & Strategy @ Peerspace
Hi Matthew and Marielle!
Thank you for your response, however, I am still unable to get a quote on additional insurance without a boiler plate rental contract - do you recommend one, have one for the owners of property renting out to Peerspace clients? Please advise. And to clarify, this is what my insurance broker said to me:
“One of the underwriters is asking if you have a copy of the rental contract that will be used for renting the space out? Would you please forward that over for review?” - does Peerspace provide a template for this?".
Looking forward to your response.
Carol Klemp
480-330-7420
Hi Carol-
I am currently having the same problem, did you ever get this resolved? I am having trouble finding an Agency that can add the Peerspace STR piece written within the policy. My current Farmers agent says that best recommendation is to have Homeowners policy (doesnt cover Peerspace activities) and to just require all guests to obtain separate event insurance. I rather have my primary policy provide the proper coverage though, were you able to structure your policy the right way? If yes, Can you share agency name? Thank you -Walter
I’m currently waiting on a reply from Peerspace support regarding these insurance questions. I have called over 20 insurance companies, both residential and business, and they all basically want to hang up on me when I tell them I rent my studio out to others. I haven’t found any insurance company that 1: Understands the short-term photography studio rental business model 2: is willing to cover my studio if I’m renting it out.
This is very concerning as I just found out that Peerspace’s Peace of Mind policy is secondary. Meaning if you don’t have primary insurance, they likely won’t take over to help you out. Luckily I havent had any issues booking my space out but still… I hope to get more clarity from PS as to what insurance companies are willing to be primary for hosts.