TERN Financial is a Lloyd's of London Coverholder that develops and underwrites a wide range of niche insurance products designed to meet the unique needs of rental accommodation providers worldwide. Since 2013, TERN Financial has been a global leader, innovating tailored protection programmes for a wide range of use cases, including vacation rentals, corporate housing, coliving, assisted living, and student accommodation, among others.
Steps on Hostaway
- Go to Hostaway Dashboard
- Click on Marketplace within the dashboard
- Search for Tern Financial and click on the Connect button
- A small box will appear > Click on Create
- The Account ID and the API Key will be presented in a new window
- Copy your Account ID and API Key and keep them somewhere safe for later
Steps on TERN Financial
- Request a quote from a TERN Financial Group here: www.terngrp.com/hostaway
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Complete the short form, tick the boxes, and press “Submit” to receive a tailored quote via email.
- Certain jurisdictions may not be immediately available.
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Secure Coverage Review your quote and the attached documents carefully.
- The Quote provides a detailed outline of the insuring agreement across three sections of coverage:
- Guest Caused Damage, Host Liability, and Bed Bugs.
- Be sure to pay close attention to coverage limits, exclusions, conditions, and subjectivities.
- The VACATERN Product Handbook is a short, user-friendly guide providing useful program information and answers to the most common questions posed by PMCs like you before going live.
- The Quote provides a detailed outline of the insuring agreement across three sections of coverage:
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Review, Tailor, and Accept Quote. The last page of the quote presents options that give Hostaway PMC the power to tailor the program to their specific situation.
- Hostaway PMC’s can select from Bronze, Silver, or Gold packages to secure desired coverage limits, and select coverage enhancements for a nominal additional fee.
- Once selections have been made, Hostway PMC’s must sign the quote, indicate the future date after which bookings made will be subject to the new coverage program.
- The signed document can then be scanned and returned via email attachment to the customer service representative as indicated on the quote cover letter.
- Copy your Account ID and API Key available from the page opened on Hostaway
- Send your Account ID and API Key to your dedicated TERN Financial Group Account Manager
Once Hosatway PMCs have confirmed that the account is connected, TERN Financial Group will be live as of the indicated date, and you can start submitting reimbursement requests via the claims module.