SAIFE Insurance Explained:
Information for Brokers
SAIFE is forming a casualty insurance company offering substantially lower premiums to policy holders that use SAIFE Smart Spa technology in their massage rooms. The Smart Spa is a hand tracking system that prevents and eliminates sexual misconduct behind closed doors - giving spa owners more leverage to keep clients and employees safe while benefiting from comprehensive coverage.
SAIFE has found a solution to two of the industry's biggest headaches: sexual misconduct and rising insurance costs. Spa insurance is currently priced with group risk pooling; consequently, when one spa has an incident, it impacts everyone's rates. Additionally, nationwide movements have sparked a barrage of lawsuits forcing insurance companies to literally “brace for impact”, and the affect is being felt across every industry with professional liability risks. With society becoming more litigious, insurance coverage through traditional insurers will continue to rise.
SAIFE intends to disrupt this trend with professional liability insurance that includes coverage for sexual misconduct.
Professional and sexual assault liability.
Paid incident deductible
Ability to handle a broad range of deductible and SIR programs from $25,000 and up
Limits of $1 million per occurrence ($1 million to $3 million aggregate)
Admitted coverage and Insurance Services Office–based product
No minimum incident pick and no minimum premium limit
Bundled claim service
Access to Smart Spa Tech, a state-of-the-art hand tracking system.
Safety and prevention program consulting services available
Professional Liability Limits of $1 million per occurrence ($3 million aggregate)
Abuse or Molestation Liability Limits of $1 million per occurrence ($1 million aggregate)
*Sample SAIFE Insurance coverage limits and inclusions - subject to change.
Appetite and Availability
Resort & Hotel Spas
Senior Care Facilities
United States and the Contiguous U.S.
Why do spa owners have to reserve coverage?
To structure the best possible insurance offering, we're inviting a select group of spas to reserve SAIFE Insurance with a $500 deposit (to be held in escrow) until August 2020 when quotes for coverage will be available. These reservations accomplish three important things:
Validates the demand for a new, innovative insurance product.
Gives SAIFE leverage to underwrite your policies.
Enables SAIFE to partner with the best reinsurers.
Once SAIFE Insurance is available, all spas with reservations will be invited to sign up for coverage, with their deposit being applied to their premium. The deposit is 100% refundable at any time.
How can SAIFE insure at lower rates?
SAIFE will be able to offer lower rates because Smart Spa technology enables the use of actual data (as opposed to industry-wide data) to price a spa's risk. We trust Smart Spa technology to eliminate the problem; however, if something does happen, we have your back.
How is SAIFE’s business different from that of a traditional insurance carrier?
Like traditional insurers, SAIFE Insurance offers professional indemnity coverage. However, unlike traditional insurers, many of which do not cover sexual misconduct at all, or others that require a separate policy with increased premiums and deductibles, sexual misconduct is 100% included in SAIFE Insurance coverage.
How will SAIFE Insurance be structured?
SAIFE is the brand name for products and services provided by one or more of the SAIFE subsidiary companies. SAIFE, Inc., a public benefit corporation organized under Puerto Rico law, is the parent company of the group captive. There are two subsidiary companies under it:
SAIFE Insurance Captive (issues your policy and pays your claims).
SAIFE Ltd. This company provides technology, research, and development to the group captive to improve the SAIFE Smart Spa.
Is SAIFE reinsured?
When fully operational, we will be reinsured by some of the biggest reinsurers in the industry.