Fortress by Safely: Program Overview

HOW THE PROGRAM WORKS

• Safely provides an optional service to collect and retain proof of insurance from homeowners. 
  • Safely confirms the following information is listed on the homeowner's insurance policy:
    • Property Management company listed as an additional insured
    • Level of coverage meets the PM's requirement
    • Address for the specific property is listed
    • Type of coverage is listed as 'STR' or 'Vacation'

• Safely will contact the homeowners to resolve gaps. 

• Check is repeated annually and with any new properties during the year. 

• A Safely liability policy is added to any property that doesn’t provide sufficient proof of coverage for the property manager

• Insurance is invoiced at a fixed monthly rate based on the coverage limit
• Reservations with dates during an active month are included in the coverage.

• A $4 monthly service fee is incurred per home for checking and storing the proof of insurance.
  • This fee is waived in the first year of service.
  • For subsequent years, this fee will be waived for all properties if at least 30% of their qualified homes are covered by the Safely liability policy.

BENEFITS

• Property managers can charge the montly cost to the homeowners and add a $10 mark-up. 

• No chasing homeowners for proof of insurance each year. 

• Confidence that there us always liability protection on every paid stay. 

LIMITS and PRICING

FAQs

1. Does this cover guest damage, loss of income, or any other losses?
   1. No, this is only liability coverage. Here is an overview of what is covered under Safely's liability coverage: Safely Liability Coverage FAQs
2. Are bed bugs covered?
   1. No, bed bug coverage is not included.
   2. Bed bug coverage is only included with policies that have both liability coverage and coverage for damage to contents. 
3. Can the property manager add damage coverage, loss of income, or chargeback protection to their Fortress by Safely coverage?
   1. Yes. They can have an Fortress policy and a Damage only active at the same time on any property.
      1. Each policy would be considered an individual policy and the property would have two policies. 
      2. Because the policies are separate, Bed Bug coverage is not included.
      3. The standard policies that include both liability and guest-caused damage are still available, but cannot be combined with a Fortress policy.
4. Can the property manager require all properties to be enrolled in the Fortress policy?
   1. Yes, the property manager can enroll all managed properties in their policy without the option for the homeowners to opt-out. 
   2. If a property manager chooses this option, Safely does not collect or review the homeowner liability policies.
5. Does the property manager have to enroll all of their homes in the program?
   1. All homes will automatically be enrolled. Any homeowners who provide sufficient proof of coverage will be excluded from coverage.
6. How is the coverage effective date determined?
   
   1. Start date will always be the first of the month. NO exceptions. 
      • They can choose to start on the first of any month in the future.
      • They will be billed for all active properties at the beginning of each month.
   2. If a property is removed from coverage, it is covered for the full month and coverage ends on the 1st day of the following month.
7. How will the property manager know if a homeowner provides proof of coverage?
   1. Safely will provide a list of active properties each month.
   2. Inactive properties are either properties that provided Safely with sufficient proof of insurance or were set to inactive at the time of onboarding. 
8. Can the property manager upcharge Safely's rate?
   1. Yes, the property manager can upcharge the homeowner by $10 per month.
9. Why can't the property manager charge more than $10 extra?
   1. This is a regulated product and the approved upcharge amount. Property managers cannot sell insurance without a license, but they can pass the cost down to their homeowners and charge an administrative fee. We set the approved administrative fee at $10 to prevent the appearance of receiving commissions from Safely and/or selling insurance to their homeowners without a license.
10. Do all of the homeowners have to pay, or can the property manager cover the cost?
    1. The property manager is not required to pass the cost to the homeowner, but it is recommended they do not absorb the cost.
11. Is the property manager legally required to let them know they are monitoring this?
    1. It is recommended that the property manager is transparent about this program. This is a benefit for both the property manager and the homeowner.