A GROUP of insurance experts have launched a guide to the sharing economy for people who want to make money from assets such as their home or car.
The guide is being launched as the government publishes the results of its independent review into the sector, which includes sites such as Airbnb and ZipCar. Business minister Matt Hancock is a champion for the blossoming industry, which has fallen foul of the law in some countries, including America. The review includes a 30-point plan to help make the most of the sector.
Speaking about the new insurance guide Graeme Trudgill, executive director of the British Insurance Broker’s Association (Biba), said experts in the field had been looking at new ways to help people insure themselves as the market takes off. “To use the item, but not to own it in many cases, presents unique challenges to the traditional insurance industry. Biba members have been approaching insurance markets and can use their expertise in risk management to work with sharing economy businesses to find ways to reduce the risk,” he said.