Does anyone have experience with Lease Lock?

[Brandt Tingen]

I saw this service on LinkedIn.  Essentially they eliminate the tenant's need for a security deposit by charging them $29 a month in exchange for a policy with the landlord that will cover unpaid rent, damages, etc.  Sounds nice but was wondering if anyone has any SHTF experience with the service.  I think a nice deposit is an incentive for the tenant to tread lightly on a unit, but maybe this is a good idea.  I am wondering if Lease Lock underwrites those that apply for the service, so that those most likely to cause damage / not pay are screened out and not able to obtain the service.