INSUBCONTINENT EXCLUSIVE:
Trov, the on-demand personal property insurance service, is launching in the U.S., the company announced today.
Trov first port of call in
The service is already available to customers in the UK and Australia who have signed up to insure items 1 million times since the company
first launched its business.
A spokesperson for the company declined to comment on how many individuals have signed up for the service or
how much they&ve spent on the policies.
Munich Re is serving as Trov underwriting partner in the U.S
(and the rest of the world), and the company said it would look to roll out across the rest of the country over the course of the year.
As
part of the rollout, Trov is introducing a new service that will cut a customer premium payment, as the object they&re insuring depreciates
The insurer makes these adjustments by comparing the item insured with the retail replacement value of a similar, newer item.
In addition to
its geographic expansion, the company is also expanding the types of items it&ll insure, from consumer electronics and photography gear to
sports and musical equipment.
Trov insurance policy is already approved in 44 states, and the personal property product is actually the
company second service for the U.S
market.
Earlier this year the company launchedTrov Mobilityinpartnershipwith Waymo, the autonomous vehicle subsidiary of Alphabet (which
That product protects passengers in Waymo self-driving car service — which is preparing for launch later this year.
Insurance has been a
hot business for startup investors with companies like Cover launching with a similar, on-demand offering already operating in the U.S
Other competitors include companies like Lemonadeand Hippo,which both offer homeowners or renters insurance for a modern home — including
insurance for electronics, photography equipment and other possessions.
