Soccer fever is starting to build now that we are just on 100 days away from the opening. Host cities will be flooded with both international and local travellers. These tourists will obviously be needing accommodation and transport – which is why locals have seen an opportunity for making extra money. Have you thought about renting out your house to tourists? Or using your vehicle as a shuttle service?
BEWARE!!
If your assets (be it house, contents or vehicle) are insured, you need to be aware that you could be facing a serious problem. Most Insurance policies contain clauses, or restrictions in cover, regarding you renting out your property and you could land up in a situation where you are actually not insured at all! The same situation exists with your vehicles – policies exclude cover should you transport people for reward. Not just that, but PDP’s (professional driving permits) are required and your drivers license needs to be endorsed with this extension.
You would also need to look at increased liability limits to cater for all these tourists. Alternate insurance cover CAN be arranged which would cover you properly for both the physical item, as well as any liability exposure you might face.
NOTE!!
Insurance protects you under certain circumstances. When circumstances change, so should your insurance. Failure to disclose a material change to your insurer could invalidate your cover, while proper disclosure may lead to increased premiums. These comments just scrapes the surface of the legalities (and pitfalls) involved when thinking about “cashing in” during the World CUP. Do not wait – call and talk to your broker today!
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