Sharing Economy and Insurance

Summary

This practice note highlights issues in the insurance industry related to both the sharing of homes and ride sharing. The sharing economy has expanded from an informal market method to a robust commerce arena and will likely continue to grow in the coming years. Discussion includes how to insure against losses, claims that might occur, insurance legislation, and developed case law. While the sharing economy covers a broad array of goods and services, this practice note will focus on ride sharing and home sharing. Other areas may eventually be considered, such as the growing sharing of scooters in various cities.