It sounded like a great idea. One of our clients wanted to create a new peer-to-peer marketplace where people who owned campervans could rent them out direct to members of the public.
He wanted to make sure that the owners would be covered from any potential damage occurring to their vehicle during the rental period, so he put together an innovative insurance package. He’d already spoken to the insurance company and was about to sign on the dotted line.
We went through his business model, and even though he’d been given the green light by the insurance company who assured him that they could provide a suitable policy, we decided to double-check their proposed insurance policy first. Its lucky we did, because it turns out that the insurers were trying to offer our client use a ‘van fleet’ insurance policy, which was completely unsuitable for our client’s business model.
Once the insurer admitted that their policy was not fit for purpose, our client quickly found an alternative insurer who could give him what he needed.
We finished up by preparing a bespoke set of terms and conditions for his vehicle owners and renters, making sure each of them was protected appropriately, and most importantly of all, of course, our client.