Oyster Launches Usage-based Rental Insurance

PR Newswire

NEW YORK, Nov. 20, 2023 /PRNewswire/ -- Oyster, a modern insurance platform for commerce, announced that it has launched a new rental insurance product. This offers the first usage-based rental insurance program in the U.S., providing rental shops and marketplaces with theft and damage coverage for their rental bikes, ebikes, kayaks, and paddleboards through Oyster's modern 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."

Oyster's rental insurance enables businesses to safeguard their rental assets for rental, lease, and subscription. Its usage-based pricing model ensures that riders or businesses only pay for insurance during the duration of the rental. The coverage encompasses protection against theft, damage, and natural disasters, spanning from a single day to over a year. Integrated seamlessly into Oyster's platform, businesses can effortlessly offer this coverage to their customers with a user-friendly interface and a real-time digital experience.

Rental businesses interested in learning about Oyster's rental insurance product can learn more at withoyster.com/rental-insurance.

About Oyster
Oyster is an insurance technology company that provides a fully integrated suite of insurance products and services for consumers and merchants. Merchants use Oyster to offer insurance to consumers at the point-of-sale, manage business insurance, and improve operational efficiency with software toolings. Consumers use Oyster to obtain personal insurance in a seamless purchase journey and manage their policies in one stop. Oyster is backed by leading investors including New Stack Ventures, Global Founders Capital, Conversion Capital, and Cambrian Ventures.

* Insurance described is offered by Oyster Insurance Agency, LLC. The program is being underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, authorized insurers in all 50 states and the DC, 301 E. Fourth St., Cincinnati, OH 45202. Only the lessor's interest in the leased equipment is protected.