Description

TERN Financial is a Lloyd's of London Coverholder that develops and underwrites a wide range of specialized insurance products, designed to meet the unique needs of rental accommodation suppliers worldwide.

Since 2013, TERN Financial has established itself as a pioneer and thought leader in the global industry, innovating tailored protection programs for a broad spectrum of use cases, including vacation rentals, corporate accommodations, co-living, assisted living, and student housing, among others.

The company is a trusted provider and partner offering simple, agile, and technology-enabled solutions to a growing international portfolio of owners, property managers, software service providers, and guests.

TERN Financial is headquartered in Montreal, Canada, with offices in Dublin, Ireland.

Products

1. VACATERN - Global Protection Package for Vacation Rentals

A simple and affordable solution, designed in collaboration with vacation property managers; three coverage solutions for owners, managers, and guests in one protection program.

Includes:

Protection against guest-caused damages
Owner/host liability coverage
Bed bug infestation remediation

💎 General Benefits:

Automatic pre-approval for VRM customers

Quick enrollment procedure for property managers
Easy online claims handling, eliminating the need to collect and return security deposits, saving time and reducing the risk of negative online reviews
Clear protection for guest-caused damages, including repair or replacement costs
Owner/host liability protection for third-party property damage and bodily injury
Coverage against bed bug infestation, including cleaning costs, expenses, and loss of rental income
A single price per booking up to 30 nights

🏘️ Benefits for Vacation Property Managers:

Automatic protection from the moment of enrollment: all future bookings are automatically included, with monthly invoicing and settlement.
No security deposits required: saves time and administrative costs. No need to verify credit cards or reauthorize amounts.
VACATERN is on your side: eliminates the possibility of disputes with guests, credit card companies, insurers, or online travel agencies.
No need to involve the guest in the damage reimbursement process.
Fast and efficient reimbursement: claims are typically approved in 2-4 days once documentation is submitted.
Comprehensive damage coverage: up to $20,000 per booking and $7,500 per item.
100% payment of covered damages without deductible (minimum threshold of $25).
Better online reviews: by eliminating security deposits and damage charges.

🌴 Benefits for Guests:

No need to pay a damage deposit before starting their vacation
Assurance of not paying for accidental damages
Peace of mind regarding the use of their bank or credit card data
Eliminates cash flow concerns over large or pre-authorized deposits
Fast and efficient refund processing ensures covered damages are repaired or replaced without affecting the guest

💼 Benefits for Owners:

Protection of up to $20,000 in case of guest damages
Property availability not affected by lengthy reimbursement processes
Positive feedback and good reviews can lead to more bookings and higher income
The damage reimbursement process is mainly handled without involving the owner

Services

Communication templates and white-label program materials
Data integration via API for real-time bookings, coverage, and claims reports
Online module for damage expense reimbursement
Reimbursements via direct bank transfer (EFT)

Languages

English, French, and Spanish

Sales Markets

Global

Website

https://www.terngrp.com/

Desired Customer Profile

Registered vacation rental management companies that are Avantio customers.

Pricing

Bronze

$13.00

Silver

$14.75

Gold

$16.00

The selected protection package applies to all bookings.

ZERO COST AND INCREASED REVENUE:

Property managers working with TERN Financial can pass the cost of these packages to their guests and increase their revenue at the same time!

Options to pass costs to guests:

Include the cost in the nightly rate by adding a % surcharge.
- Example: if the nightly rate is €200 and the protection package costs €16, create an 8% surcharge from your Avantio account, applicable to bookings in any season.
- This surcharge can also be added to each portal through Channel Pro for all bookings from selected OTAs.
Create and add a new “fee” to your bookings.
- Example: create an extra with any name you choose (possible options: “damage protection”, “property protection fee” or “administrative fee”) and include it in your occupancy rules.
- This option may be preferable depending on the markets you operate in; in the U.S., guests question a “damage protection fee” less than in Europe.
Include the cost in a pre-existing fee.
- Example: if you have a cleaning fee of €20, add €16 to cover the cost of the protection package.

REMEMBER: With any of these options, you can also apply a mark-up to the cost of the protection package to increase your revenue, keeping your properties protected, guests satisfied, and prices competitive.