I'm a Lender, is my kit insured?
Yes, we insure your kit against any damage that occurs during the rental period. We do everything within our power to minimise the possibility of anything going wrong by extensively vetting all our users. As a result, damage and theft are extremely rare on BorrowFox. However, rest assured if something DOES go wrong, BorrowFox has your back and we will do everything in our power to quickly fix, or replace your item. Importantly, as a key security check and pre-requisite for any insurance claims, please ensure that you check the photo ID of the Borrower on collection and confirm it matches his/her details and image on the platform. You must also take a full-face photograph of the Borrower on collection. Please check terms and conditions below.
What value of kit is covered?
At our option, we will pay for the cost of repair or replacement of the item up to a maximum of £15,000 per item.
Any payment we make will take into account any recoveries that you, the Lender, have obtained from a Borrower or any third-party for the damage.
For each incident of loss, the maximum we will pay will be the lowest of either £15,000 or the replacement value of the item.
Is there an excess?
Yes, there is an excess charge of £250 for making a claim.
I'm a Borrower, am I covered?
No, only the Lenders are insured. If you are a Borrower and are concerned about damaging the item and being liable for either repairing or replacing it, then we recommend you use another insurance company to protect yourself. The Borrower is fully responsible and liable for any item that they damage or lose, if its gets broken, lost, stolen or confiscated during this time they will have the bear the cost involved in rectifying the issue.
As a Lender, what happens if my equipment is damaged?
1. Report the issue to BorrowFox within 24 hours of completion of the rental.
2. Reach out directly to the Borrower and see if you can resolve the issue amongst yourselves. Borrowers are fully liable for any damage they cause, so it’s often cheaper and quicker to ask him/her to pay for the repair or replacement of the item directly.
3. If you cannot resolve the issue, or if you would prefer not to communicate with the Borrower, just let BorrowFox know and we can step in.
4. We will ask you to provide time-stamped photo or video evidence of the item just before you lent it out to demonstrate it was in working order. Similarly, we will need evidence from the Borrower explaining the damage.
5. You will need to confirm that the photo ID of the Borrower was checked by you on collection and matches the details on the BorrowFox system (take a photo of the Borrower and his/her ID on collection)
6. If the Borrower denies causing any damage and it is unclear if the damage was their fault or not, then we may ask you to get the damage confirmed or diagnosed by a reputable third-party repairer. Either way, as soon as we have established the damage was the Borrower’s fault (as opposed to a technical malfunction or existing damage) then we will pay for it straight away.
7. In order to be eligible for insurance, we will require you to provide proof of purchase receipts for the affected items, a full-face photograph of the Borrower at the time of collection, and evidence that you confirmed the photo ID of the Borrower matched the ID on the platform at the time of collection.
8. You will also need to provide proof that your own insurance cover is unable to cover the damage / theft / loss.
9. If the item is irreparable, we will get a replacement to you as soon as possible.
Do you cover public liability?
No, we do not cover any injury or damage that might happen to any person or their property as a consequence of an item malfunctioning.
As a Lender, am I eligible for the insurance cover?
All Lenders are eligible, as long as you’re able to confirm that you have never:
- been convicted of, or charged with, any offence other than motoring offences
- been subject to a county court judgement (CCJ), a debt relief order (DRO), an individual voluntary arrangement (IVA) or to bankruptcy proceedings
- had insurance cancelled, refused or declined or had any special terms imposed
- If you have your own commerical insurance, you must claim on this before you claim on BorrowFox insurance. If your commerical insurance doesn't cover it you
can claim off the BorrowFox insurance.