Did you know that a car rental agency is the original form of car sharing? Are you familiar with the 3 periods of TNCs? What do AirBnB and VRBO have in common? If a sharing economy risk contacted you for coverage, do you know what information to collect?
The concept of the “sharing economy” is not new but it has exploded over recent years for peer-to-peer sharing. Online social networks and mobile electronic devices have created an environment to easily match consumers for peer-to-peer exchange of goods and services.
The sharing economy is an ever-changing space with little to no regulation, therefore, insurance carriers are struggling to create best practices and products in a timely manner. Many agents are unsure of what questions to ask and are opening themselves up to E&O exposures. Likewise, consumers are open to risk as they are unaware of exclusions on their policies. The economy is also being impacted on several scales – such as rental car companies, hotels, motels and B&Bs.
During her presentation at the Joe Vincent Management Seminar, Insuring the Sharing Economy – The Risks and Rewards, Munich RE Sr. Vice President Maureen Brown will address the insurance implications of the sharing economy, explain its risks and rewards, and describe what is needed to procure coverage.
About Maureen Brown, CPCU, RPLU
Maureen Brown, CPCU, is Underwriting and Operations Lead for Munich Reinsurance America, Inc.’s Incubator, a strategic business unit responsible for identifying, researching and recommending new areas of growth for the company’s US P&C operations.
Prior to transferring to her current role, Maureen was a casualty underwriter in the Chief Underwriting Office of the Specialty Markets division. In that role, she supported both the Programs and Alternative Market units as a referral casualty underwriter focusing on emerging issues such as drones, terrorism and cyber. Previous to Munich Re, Maureen held management positions in both Underwriting and Operations. In addition to her insurance company experience, Maureen spent several years at an MGA as the Chief Underwriting Officer for a national program for landscapers and arborists.
Maureen is the current chair of the CPCU Society’s Excess, Surplus and Specialty Lines Interest Group. Her committee focuses on addressing current and relevant issues for this community through webinars, articles and annual meeting sessions.