TERN Financial Group

TERN Financial is a Lloyd's of London Coverholder that develops and underwrites a wide array of niche insurance products designed to meet the unique needs of rental accommodation providers around the world.

Since 2013, TERN Financial has established itself as a global industry pioneer and thought-leader, innovating tailored protection programmes for a broad spectrum of use cases, including vacation rentals, corporate housing, co-living, assisted living, and student accommodation, among others.

The VACATERN product is a simple solution designed in collaboration with vacation rental property managers; three coverage solutions for property owners, manager and occupants in a single, revenue-generating policy.

The program offers protection against guest-caused damage, host liability and bed bugs.

Guest-Caused Damage.

• Repair and replacement protection against guest-caused damage to real property, contents fixtures and furnishings.

• Limits of up to €25,000 per unit per booking, subject to a maximum per any one item of up to €7,500;

• Optional Malicious Damage and Criminal Acts/Identity Theft and Credit Card Fraud Endorsement providing up to €100,000 aggregate limit, subject maximum per item up to €10,000;

Optional Enhancements:

• Up to €250 emergency lodging for up to 4 nights

• Up to €150 emergency cash transfer fees

• Up €10,000 Meth Lab Cleanup

• Up to €2,000 Fraudulent C/C Reimbursement, max. 3 cards

• Up to €400 Lost Key Reimbursement

• Up €2,000 Cadaver Removal

Host/Owner Liability.

• Coverage for claims arising out of vacation rental bookings including legal defense for damages arising from bodily injury or property damage.

• Limits of up to €1,000,000 per unit per booking, with a discretionary medical payments to others of up to €5,000

Bed Bugs.

• Reimbursement of professional extermination, alternate offsite accommodation and/or refund, and soft furnishings replacement expenses.

• Limits up to €15,000 per unit, per year.