GUARDHOG, the pay-per-stay home-sharing insurtech, has launched a blockchain-powered deposit cover solution.
From £2 ($2.52) per stay, hosts can receive a £1,000 deposit. This reduces the hassle for those renting out their homes and cutting out the need for huge up-front payments. The blockchain-driven alternative hopes to be an alternative to the current deposit-holding system.
GUARDHOG has now provided host cover for over 500,000 nights and paid out hundreds of thousands of pounds to hosts protecting themselves. The insurtech hopes this new offering can relieve the headaches of deposits.
Humphrey Bowles, co-founder of GUARDHOG, said: “We’re determined to help hosts be in control, take bookings efficiently and for guests to feel they can easily put up their hands up to fess up when an accident has happened. We believe this new approach to deposits will help speed things up on both sides as well as allow a much more open, transparent and hassle-free transaction for all involved.”
Will Parry, COO at Altido, a London based prop-tech platform, added: “Taking a meaningful deposit from a guest is important but hard. The regulations around handling a traditional deposit are complicated, involve payment processing fees and guests can be put off by forking out a lump sum which dwarves the cost of their stay per night, while resolving host / guest disagreements quickly gets messy and petty. This new approach from GUARDHOG has completely revolutionised how Altido approaches taking deposits for the benefit of us and our users.”
GUARDHOG works with 300 sharing economy partners including Airbnb, Home Exchange, and TrustedHousesitters – from affiliation to integration. Their technology connects with a host’s booking calendars, removing awkward parts of the process, and still only pays for cover when they have guests to stay.
Regulated by the FCA, the company is backed by some of the world’s most respected insurers including RSA, Hiscox and Canopius. GUARDHOG is also a member of Sharing Economy UK and The Short Term Accommodation Council.