Over the past year the association has been in discussions with several insurance providers seeking a solution which could be tailored to the accommodation industry by a provider who could demonstrate an understanding of the sector's needs and challenges.
The association spent the past six months in discussions with the team at Finn Foster APB to identify some of the prime insurance challenges for the accommodation sector, in order to target the most beneficial solutions for members and industry.
"In deciding on Finn Foster we have formed a true partnership with a company which embraces the opportunity to work with the Accommodation Association for the benefit of the industry as a whole," said Association CEO, Richard Munro.
Long term commitment to members
"We have been very impressed with the approach Finn Foster have taken in developing the relationship and their attitude to the long term commitment to us and our members through the development of the INNsurance program."
INNsurance will form an exclusive insurance offering for the accommodation industry, targeting reductions in premiums as well as increased coverage wherever possible.
Finn Foster has already been testing the product in the industry with some great success stories, including one property that has reduced their premium by 50 per cent and increased their coverage.
Mark Finn, CEO of Finn Foster APB commented: "We have been working closely with the accommodation industry in Australia for the past 35 years and see the partnership with the Accommodation Association as a natural extension of our involvement with the industry. Together we will create a range of products and services designed to appeal to each of the various accommodation styles that make up the Association's membership."
Diligent approach ensures benefits
Munro added: "The Association is thrilled to be delivering the results we have seen for our members and the industry at large. Our team have been diligent in their approach to this relationship in order to ensure the product and relationship is going to benefit members and the results so far have been beyond expectation.
"The partnership is targeting a five-year plan for the strategic management of industry risks so that we can better look after those who are affected by disasters such as last year's NSW bushfires, as well as day to day issues.
"It is also the first of several new initiatives we have been working on to support members and the broader industry, and we look forward to a few more announcements in the coming months."
INNsurance is now available for all accommodation providers and at membership rates for Accommodation Association of Australia members.