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Committee advances bill requiring insurance backstop for marketplace damage guarantees
Summary
The Senate Insurance and Labor Committee voted to advance SB503 (LC 461445S), which would codify marketplace property-damage guarantees (e.g., Airbnb) and require a reimbursement insurance policy as a backstop; the measure passed committee 6–2.
The Senate Insurance and Labor Committee voted to advance SB503 (LC 461445S), a bill that would codify property-damage guarantees offered by marketplace platforms and require a reimbursement insurance policy to backstop those guarantees.
Sponsor remarks and witness testimony framed the bill as consumer protection and statutory clarification. The sponsor told the committee the proposal is "really a transparency bill, but also a consumer protection bill," and that it is limited to property damage rather than liability coverage. "The guarantee that the,…
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