Terms & Conditions

1. Definitions

In this Agreement, the following terms shall have the meanings set out below:

2. Agreement and Onboarding

2.1 Acceptance

By completing the Waivy registration process, the Property Manager confirms acceptance of this Agreement in full. This Agreement constitutes a legally binding contract between the Property Manager and Vela Blu Ltd (C91535).

2.2 Enrollment of Properties

The Property Manager shall enroll each Property individually on the Waivy platform. Waivy reserves the right to refuse enrollment of any Property at its sole discretion, without obligation to provide reasons.

2.3 Eligibility

The Waiver is available for short-term rental Bookings only. Long-term leases, owner stays, and complimentary stays are not eligible. The Waiver applies exclusively to Bookings made through channels other than Airbnb, as Airbnb provides its own AirCover protection.

3. Role of Waivy

Waivy is not an insurance provider. The Waiver is a contractual damage waiver product, not an insurance policy. Waivy operates as a waiver facilitation platform, providing the Property Manager with a structured mechanism to offer damage protection to Guests in lieu of a traditional security deposit.

The Property Manager acknowledges and agrees that:

• Waivy does not replace the Property Manager's obligation to maintain appropriate property and liability insurance;
• Waivy is not liable for any loss or damage that falls outside the scope of coverage defined in Section 5;
• Waivy's obligation is limited to reimbursement of eligible Property Damage Claims as set out in this Agreement.

4. Fees, Markup and Payouts

4.1 Base Rate

Waivy's Base Rate per Booking is determined by the coverage level selected for each Property. The Base Rate is calculated using the formula: Base Rate = EUR 14 + (Coverage − EUR 200) ÷ 50, resulting in the following schedule:

The Base Rate is the amount retained by Waivy from each Booking and is not subject to negotiation. The coverage level is selected by the Property Manager at the time of property enrollment and may be changed prospectively with written notice to Waivy. Amounts shown are exclusive of payment processing fees (approximately 2.9% + EUR 0.25 per transaction), which are deducted before allocation.

4.2 PM Markup

The Property Manager may add a markup to the Base Rate when charging the Waiver Fee to Guests. The PM Markup is capped at EUR 20 per Booking.

The PM Markup represents the Property Manager's commercial margin and is paid out by Waivy in accordance with Section 4.3. Waivy accepts no liability for the Property Manager's pricing decisions within the permitted range.

4.3 Collection of Waiver Fee

The Property Manager is responsible for collecting the Waiver Fee from the Guest at the time of booking, using the tools and integrations provided by the Waivy platform. The Property Manager holds the Waiver Fee on behalf of Waivy pending monthly reconciliation.

4.4 Monthly Payout

Waivy will calculate and pay the PM Markup to the Property Manager on a monthly basis, within 15 (fifteen) business days following the end of each calendar month, in respect of all Bookings completed in that month. Payouts will be made by bank transfer to the account details registered on the Property Manager's Waivy account.

Payout currency will be EUR.

4.5 Self-Billing

The Property Manager hereby authorises Waivy to issue self-billed statements on the Property Manager's behalf in connection with each monthly Payout. These self-billed statements shall constitute valid commercial documents for accounting purposes and will be made available to the Property Manager via the Waivy dashboard each month. The Property Manager agrees not to issue separate invoices to Waivy for amounts covered by self-billed statements.

For EU-based Property Managers registered for VAT, the self-billed statement will include the applicable VAT treatment in accordance with the reverse charge mechanism where applicable. The Property Manager is responsible for ensuring that their VAT registration details held on the Waivy platform are accurate and up to date.

4.6 Withholding and Set-Off

Waivy reserves the right to withhold or set off against any Payout any amounts owed by the Property Manager to Waivy, including in connection with disputed Claims or amounts paid in error.

4.7 No Payout for Ineligible Bookings

No Payout will be made in respect of Bookings that are cancelled before check-in, Bookings that do not comply with this Agreement, or Bookings for which the Waiver Fee was not properly collected from the Guest.

5. Coverage

5.1 What Waivy Covers

Subject to the exclusions in Section 5.3 and the conditions in Section 6, Waivy will reimburse the Property Manager for direct, physical Property Damage caused by a Guest during a Booking, including:

• Accidental damage to furniture, fixtures, appliances, and interior fittings;
• Excessive cleaning costs directly attributable to accidental damage caused by the Guest, over and above the standard cleaning fee.

5.2 Coverage Limits

Coverage is determined by the level selected by the Property Manager at enrollment, ranging from EUR 200 to EUR 1,000 in increments of EUR 50. A host deductible of EUR 25 applies to every Claim.

Waivy shall reimburse the lesser of the cost of repair or the cost of replacement of the damaged item, assessed at current market value. The host deductible (first EUR 25 of each Claim) is borne by the Property Manager and is not reimbursable by Waivy.

5.3 Exclusions

The following are expressly excluded from Waivy coverage:

• Deliberate or intentional damage to the Property or its contents;
• Theft of Property contents by the Guest;
• Normal wear and tear, cosmetic damage, or deterioration through ordinary use;
• Pre-existing damage present before the Booking commenced;
• Textiles, including curtains, towels, bed linen, blankets, and cushion covers;
• Damage caused by Acts of God, including flood, fire, storm, or earthquake;
• Loss of use of the Property or consequential losses of any kind;
• Damage to motorised vehicles, bicycles, or watercraft;
• Odour removal, pest control, or infestation treatment;
• Landscaping, garden furniture, or outdoor structures;
• Maintenance, mechanical breakdown, or equipment failure not caused by the Guest;
• Sewage or drain blockages;
• Damage caused by persons not listed as Guests on the Booking;
• Damage reported outside the 14-day reporting window set out in Section 6.2.

6. Claims Process

6.1 Who May Submit a Claim

Only the Property Manager may submit a Claim to Waivy. Guests may not submit Claims directly. Waivy will not correspond with Guests regarding covered Claims.

6.2 Reporting Window

The Property Manager must report any Property Damage to Waivy within 14 (fourteen) calendar days of the Guest's check-out date. Claims submitted after this period will not be accepted.

6.3 Required Documentation

To submit a valid Claim, the Property Manager must provide:

• Timestamped photographs taken immediately before the Booking commenced, showing the condition of the Property;
• Timestamped photographs taken immediately after the Guest's departure, clearly showing the damage;
• A written description of the damage and its estimated or confirmed cost of repair or replacement;
• Invoices, receipts, or product links supporting the claimed amount, where available;
• Booking confirmation details, including check-in and check-out dates and the Guest's name.

6.4 Waivy's Assessment

Waivy has sole authority to determine whether Property Damage is eligible for reimbursement, the nature and extent of the damage, and the appropriate reimbursement amount. Waivy shall provide a decision within 48 hours of receiving a complete and properly documented Claim.

6.5 Payment of Approved Claims

Approved Claim reimbursements will be paid to the Property Manager within 5 (five) business days of Claim approval, by bank transfer to the account registered on the Waivy platform.

6.6 Recovery from Guest

Where Property Damage exceeds the maximum coverage limit, the Property Manager retains the right to pursue the Guest for the excess amount. Waivy may assist with guest recovery using the Guest's payment card data held in connection with the Waiver Fee transaction, as authorised by the Guest under the Guest Waiver Agreement. The Property Manager shall not pursue the Guest for amounts already reimbursed by Waivy.

7. Property Manager Obligations

The Property Manager agrees to:

1. Maintain timestamped photographic records of each Property before each Booking commences and after each Guest's departure;
2. Ensure that each Guest is presented with the Waivy Guest Waiver and that the Guest's acceptance is recorded prior to check-in;
3. Collect the Waiver Fee from the Guest at the time of booking and remit the Base Rate to Waivy through the platform's reconciliation process;
4. Set the Waiver Fee within the permitted range set out in Section 4.2;
5. Not represent Waivy's Waiver as an insurance product to Guests or third parties;
6. Notify Waivy of any change to a Property's details, including ownership, address, or operational status;
7. Cooperate fully with Waivy in the investigation and resolution of any Claim;
8. Maintain a valid property insurance policy for each enrolled Property, as Waivy's coverage is not a substitute for property insurance;
9. Ensure that VAT registration details and bank account information held on the Waivy platform are accurate and kept up to date.

8. Term and Termination

8.1 Term

This Agreement commences on the date of the Property Manager's registration and continues indefinitely until terminated in accordance with this Section.

8.2 Termination by Either Party

Either party may terminate this Agreement by providing 30 days' written notice by email to the address registered on the respective account.

8.3 Immediate Termination by Waivy

Waivy may terminate this Agreement immediately, without notice, in the event of:

• Material breach of this Agreement by the Property Manager;
• Fraudulent or dishonest conduct in connection with any Claim;
• Failure to remit the Base Rate in accordance with this Agreement;
• Misrepresentation of the Waiver product to Guests or third parties;
• Setting the Waiver Fee above the permitted maximum set out in Section 4.2.

8.4 Effect of Termination

Upon termination, Bookings already in progress at the date of termination shall remain covered until the Guest's check-out date. No new Bookings shall be eligible for coverage following the effective date of termination. Any outstanding Payout due to the Property Manager at the date of termination will be settled in the final monthly reconciliation.

9. Limitation of Liability

To the maximum extent permitted by applicable law, Waivy's total liability to the Property Manager under or in connection with this Agreement shall not exceed the total Base Rates paid by the Property Manager to Waivy in the 3 (three) months preceding the event giving rise to the claim.

Waivy shall not be liable for any indirect, consequential, special, or punitive loss, including loss of profit, loss of revenue, or loss of anticipated savings, whether arising in contract, tort, or otherwise.

10. Data Protection

Each party shall comply with applicable data protection laws in connection with the performance of this Agreement. Waivy will process personal data of Guests solely for the purpose of administering the Waiver, processing Claims, and where applicable, recovering amounts from Guests in excess of the coverage limit. Waivy's Privacy Policy is available at waivy.eu/privacy.

11. Governing Law and Disputes

This Agreement and any dispute or claim arising out of or in connection with it shall be governed by and construed in accordance with the laws of Malta. The parties submit to the exclusive jurisdiction of the Maltese courts, save that Waivy reserves the right to seek injunctive or equitable relief in any jurisdiction.

In the event of a dispute, the parties agree to attempt resolution through good faith negotiation before commencing formal proceedings.

12. Miscellaneous

12.1 Entire Agreement

This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior representations, agreements, or understandings.

12.2 Amendments

Waivy reserves the right to amend this Agreement at any time. Property Managers will be notified of material changes by email at least 30 days in advance. Continued use of the platform after the effective date of any amendment constitutes acceptance.

12.3 Severability

If any provision of this Agreement is found to be unenforceable, the remaining provisions shall continue in full force and effect.

12.4 Waiver of Rights

Failure by either party to enforce any provision of this Agreement shall not constitute a waiver of that provision.

12.5 Assignment

The Property Manager may not assign this Agreement without Waivy's prior written consent. Waivy may assign this Agreement to any affiliate or successor entity without consent.