What happens when an Uber driver gets in an accident? Or an Airbnb renter trashes a home? A new company is helping link startups and insurance companies to tackle the thorny issues that arise when the sharing economy goes wrong.
INSURANCE is an unfortunate fact of life. We pay large premiums to cover ourselves for bad events that often never happen. But there is another way. An online insurance firm called Peercover lets groups of people insure each other on their own terms and at a fraction of the cost.
Insurance is the latest financial service to get a shake-up from peer-to-peer (P2P) dynamics. Already, individuals can lend money for a return with interest.
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