Oakwood Worldwide®, the global leader in corporate housing and serviced apartments, announces Personal Property Protection, a new insurance service.
It is uniquely tailored to meet the needs of extended stay business travelers by protecting their personal belongings and reducing their financial responsibility for accidental damage to their accommodations.
Personal Property Protection is being made available by Oakwood Worldwide through an innovative strategic partnership with Jacob Street Partners and Clements Worldwide, the two leading providers of mobile workforce insurance. Oakwood Worldwide is the first provider in the industry to make this insurance service available on a global, corporate-wide basis.
Business travelers staying in corporate and serviced apartments typically bring with them high value electronics such as laptops and tablets. Additionally, they often take a number of personal items, like jewelry that traditional homeowners or renter’s insurance policies may not fully cover if lost or damaged while traveling. To protect their belongings, these travelers often must contend with the hassle and costs associated with adding supplemental coverage to their existing homeowner’s or renter’s policy and higher premiums should they file a claim.
Eligible customers with employees staying at ExecuStay® or Oakwood® locations around the world will benefit from affordable rates, specialized coverage and ease of use. The service offers coverage of up to $50,000 in personal property protection with a $150 deductible. For accidental damage to their accommodations, coverage is provided up to $15,000. Personal Property Protection is easy to obtain with no application process and minimal information required from eligible travelers. The policy is flexible to align with the traveler’s length of stay and claims can be processed in as few as 10 business days.