GSE risk-sharing deals begin on a high note. New Fannie Mae risk-sharing deal shifts more credit risk onto insurers.
GSE risk-sharing deals hit $12 billion, with more to come in 12222
Ben Lane is the Editor for HousingWire. In this role, he helps set a leading pace for news coverage spanning the issues driving the U.
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Previously, he worked for TownSquareBuzz, a hyper-local news service. He is a graduate of University of North Texas. Ginnie Mae removes loanDepot's VA loan restrictions. Now hiring: loanDepot plans to add 1, loan officers by end of Plaid Co-Founder William Hockey stepping down.
Fannie, Freddie quadrupled issuance in 2014
Because most people who enter the sharing economy don't have any additional insurance protection to ensure they are covered in the event of an accident. One of the first things that small-business owners learn is that their homeowner's insurance doesn't cover their business liabilities -- even if they're operating a part-time consulting service out of a home office.
Similarly, their personal auto insurance doesn't cover incidents that happen while they're working, whether that means driving to meet a client or pick up a new printer and copier. But many people in the sharing economy don't think of themselves as a small business -- they're just trying to make a little extra cash by selling their services or renting their space.
Without adequate risk management, though, an extra stream of income can quickly become an extra expense. In some cases, it can become a major expense. If you're offering services or renting space you own to strangers, you're exposed to the following risks:. To summarize: the bad news for sharers in the sharing economy is that extra revenue sources can transform into major expenses under the wrong circumstances.
The 6 Risks for Sharers in the Sharing Economy
The good news? You can also share your risks so they're less likely to damage your finances. And risk sharing is a well-established field -- it's called insurance.
What's even better is that the majority of risks sharers face can be managed with a single, inexpensive type of insurance called a Business Owner's Policy or BOP. The basic BOP combines general liability insurance which covers bodily injury to your customers and damage to their property and property insurance which covers theft and damage to your property , and it can be customized with a bunch of add-ons, including commercial auto insurance.
Insurance can't protect against customers who don't pay, but it can pay legal bills if and when an unhappy customer sues over injuries or property losses. Ted Devine is the CEO of insureon , an online small-business insurance agent. Tap here to turn on desktop notifications to get the news sent straight to you. While these are all tragic accidents, they would all likely be covered by business insurance.
The 6 Risks for Sharers in the Sharing Economy | HuffPost
Personal Insurance Policies Don't Cover Business Risks One of the first things that small-business owners learn is that their homeowner's insurance doesn't cover their business liabilities -- even if they're operating a part-time consulting service out of a home office. Most Expensive Risks in the Sharing Economy If you're offering services or renting space you own to strangers, you're exposed to the following risks: Personal injuries.
If you're hit by a car while driving to pick up a fare as part of a ride-sharing service, your personal insurance may not cover you. That could be a problem if you end up in need of medical attention, which can get expensive fast. Damage to your property. Opening your home to strangers comes with the risk that they won't treat your possessions as carefully as you do just ask this guy. Fires, appliance damage, floods and other property damage could easily result from an Airbnb stay gone awry.
Damage to your customers' property. What happens if your dog chews a visitor's shoes to shreds? Or a dishwasher leak ruins the laptop she was charging? If you were charging that person to stay in your house, you could be responsible for covering the repair or replacement costs.
Unfortunately, not everyone is honest.
There's always a chance that someone will take advantage of your hospitality. If they do, it's unlikely a homeowner's or auto insurance policy will cover the losses if you invited them onto your property.
Even professional taxi drivers have to deal with people who run out on fares. While smartphone apps make it easier to exchange payment for services, it's still possible that someone could stiff you. If someone you serve ends up getting hurt or pretends to get hurt , he could sue you to recover damages.
Whether or not you're actually liable for wrongdoing, you'll have to pay for a lawyer to defend your case.
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Even cases that are ultimately dismissed without going to trial can easily rack up a few thousand dollars in lawyers' bills, and if you do go to trial, you'll owe much more in court fees, docket fees and possibly a settlement or judgment. Risk Sharing to Protect Your Revenue To summarize: the bad news for sharers in the sharing economy is that extra revenue sources can transform into major expenses under the wrong circumstances. Help us tell more of the stories that matter from voices that too often remain unheard.