Oyster’s rental insurance is designed to protect business rental assets for various arrangements, including rental, lease, and subscription. The usage-based pricing model ensures that riders or businesses only pay for insurance during the actual rental period. The coverage extends to include protection against theft, damage, and even natural disasters, with flexible durations ranging from a single day to over a year.
The offering provides theft and damage coverage for rental bikes, ebikes, kayaks, and paddleboards, catering specifically to rental shops and marketplaces through Oyster’s modern and tech-driven platform.
“The expanding rental market presents risk challenges for businesses due to the distinct nature of renting an item” said Vic Yeh, Co-Founder and CEO at Oyster. “Leveraging Oyster’s tech-driven underwriting platform, we are now able to provide comprehensive coverage for the rapidly growing rental market.”
Integrated seamlessly into Oyster’s platform, the rental insurance offering provides businesses with a user-friendly interface and a real-time digital experience. This allows rental businesses to effortlessly offer comprehensive coverage to their customers, enhancing the overall rental experience.