Insurtech Buddy will offer its accident coverage for active people nationwide thanks to a partnership with StarNet Insurance Company.
Buddy developed on-demand accident insurance to help Americans address financial impact and insecurity as a result of unforeseen accidents.
Coverage provides benefits that are paid directly to a policyholder. However, unlike traditional accident insurance, Buddy can sell coverage in small chunks as short as a day.
Furthermore, the accident plan provides benefits payments up to $25,000 for covered injuries treated by professionals or therapists. This includes paralysis, traumatic brain injury, and death.
“If you’ve ever seen a medical GoFundMe or Facebook fundraiser for a friend, you understand the motivation behind our launching on-demand insurance coverage,” said Buddy’s CEO, Charles Merritt.
“Our fellow outdoor enthusiasts deserved a better experience. Everyone deserves to live actively without fear of the unknown unknowns. Buddy has you covered. We couldn’t have foreseen a global pandemic or a massive political movement, and we don’t want to detract from the critical conversations happening about race and equity in our society. Our goal is to make sure that as we choose to move our bodies for health, for recreation, and with purpose, Buddy can provide extra support in an expensive healthcare system. Our partnership with StarNet Insurance Company will allow us to be more effective in this mission.”
StarNet is an underwriting company for Berkley Accident and Health.
“Berkley Accident and Health has a long history of providing accident insurance to employees and participants, and we are excited to partner with Buddy to bring on-demand coverage to outdoor enthusiasts,” added Susan Clarke, President of the Special Risk Division at Berkley Accident and Health.
“We are using technology to modernise and improve consumers’ access to great coverage at a time when it’s more relevant than ever. Today, more people are faced with sizeable out-of-pocket medical expenses after an injury due to the rising cost of health care and deductibles. Our product is designed to help pay those unexpected costs so that outdoor enthusiasts can pursue their adventures more confidently.”
Buddy is based in Richmond, VA.