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Vancouver, British Columbia--(Newsfile Corp. - February 3, 2021) - InsuraGuest Technologies, Inc.® (TSXV: ISGI) (OTCQB: ISGIF) ("InsuraGuest" or the "Company"), through its wholly owned U.S. subsidiary InsuraGuest Risk Purchasing Group, Inc. ("ISG"), is pleased to announce it has renewed its annual contract with Wintergreen Resort in Wintergreen, Virginia, to supply its InsuraGuest Hospitality Liability coverages, which cover claims made by resort guests on a primary basis.
In 2020, InsuraGuest's Hospitality Liability coverages and platform protected 23,917 room nights for US$4.95 a night at the 200-room Wintergreen Resort.
A considerable portion of a hotel operator's claims come from small property or medical claims that are frequently applied to the property's general liability policy. This high frequency in claims drives up premium prices. The InsuraGuest solution transfers the risk from the hotel operator by having guests pay a nominal fee per night. InsuraGuest then pays out these small claims, preventing impact to the hotel operator's general liability policy.
InsuraGuest is an insurtech company that utilizes a proprietary software platform to deliver specialized Hospitality Liability coverages to member hotel properties. With InsuraGuest custom coverages, properties benefit from an additional layer of protection should a guest experience an accident, in-room property damage, accidental medical, and accidental death or dismemberment, or theft while staying at an InsuraGuest-covered hotel property.
Property Management System Integration
InsuraGuest integrates with approximately 82 different property management systems through its proprietary API, which enables an organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to InsuraGuest Hospitality Liability coverages, the covered hotel property can lower its claim ratio and risk profile, which may decrease the property's general liability premiums.
Generating Revenue for Hotel Operators
The InsuraGuest product can also assist in generating revenue for participating hotels or vacation rental properties. The hotel extends the coverage, which is activated at check-in, to each and every guest and automatically places the charge on the guest's folio or bundles it with the resort/amenity/urban fee. The complete fee for coverage and software is $4.95 a night, of which the hotel keeps 10%.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC, and is administered by InsuraGuest Insurance Agency, LLC (CA/LIC: 6001686).
About Wintergreen Resort
Treat yourself to magnificent mountain views, sumptuous luxury and thrilling recreation at Wintergreen Resort. Spanning 11,000 acres on the eastern slopes of the Blue Ridge Mountains, our spacious condominiums and vacation homes are surrounded by winding trails, cascading streams and lush forests. The ultimate four-season vacation or conference spot, Wintergreen Resort is peaceful and refreshing with an endless variety of activities.
The resort features four seasons of mountain recreation and amenities, including 45 holes of championship golf on two courses; exhilarating winter skiing, snowboarding and snowtubing; an award-winning tennis program; a full-service, mountaintop spa; outdoor recreation such as hiking, fly fishing, and swimming; a variety of enticing dining options; and much more.
Wintergreen Resort is also an ideal location for meetings, conferences and events. The resort features 40,000 square feet of indoor and outdoor function space, audiovisual services, an award-winning banquet department, and experienced conference service professionals ready to help coordinate your unforgettable event in our spectacular setting.
The resort is located in the heart of Central Virginia adjacent to the Blue Ridge Parkway, just 90 minutes from Richmond, Virginia, and approximately three hours from Washington, D.C., and North Carolina.
For more information, visit: www.WintergreenResort.com
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) (OTCQB: ISGIF) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We are transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The Insurance industry is intensely competitive in the business owner policy sector, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
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