sharing economy

The sharing economy is an economic model where personally owned goods, property, vehicles, space, or services are offered to others, typically for a fee. Digital platforms, e.g., apps, are generally used to accomplish this transaction. For example, ridesharing, home sharing, peer-to-peer vehicle rentals, equipment rentals, delivery services, and task-based services are common sharing economy services. These activities can create coverage issues because they may blur the line between personal and commercial use, involve multiple parties, and fall outside the scope of standard homeowners, renters, personal auto, or other commercial insurance policies. Specialized insurance is often necessary to address liability, property damage, bodily injury, and other exposures arising from the sharing activity.