Oyster, a modern insurance platform for commerce, announced that it has launched a new rental insurance product. This offers the first usage-based rental insurance program in the U.S., providing rental shops and marketplaces with theft and damage coverage for their rental bikes, ebikes, kayaks, and paddleboards through Oyster’s modern platform.

“The expanding rental market presents risk challenges for businesses due to the distinct nature of renting an item,” said Vic Yeh, Co-Founder and CEO at Oyster. “Leveraging Oyster’s tech-driven underwriting platform, we are now able to provide comprehensive coverage for the rapidly growing rental market.”

Oyster’s rental insurance enables businesses to safeguard their rental assets for rental, lease, and subscription. Its usage-based pricing model ensures that riders or businesses only pay for insurance during the duration of the rental. The coverage encompasses protection against theft, damage, and natural disasters, spanning from a single day to over a year. Integrated seamlessly into Oyster’s platform, businesses can effortlessly offer this coverage to their customers with a user-friendly interface and a real-time digital experience.

Rental businesses interested in learning about Oyster’s rental insurance product can learn more at withoyster.com/rental-insurance.