Renters on ShareGrid must select a coverage option for each rental they make on the site. We offer multiple coverage options that renters can purchase instantly. Most of these cover theft, where the rented equipment is stolen from the renter.
What happens if the renter does not return the equipment?
If a renter does not return equipment, and it has not been stolen or lost, it's called voluntary parting. Law enforcement agencies and insurance companies typically consider this to be a form of fraud, rather than theft. However, some states and municipalities may consider it to be theft by fraud or theft by false pretenses.
Voluntary parting is never covered by a renter’s policy, because no insurance company will cover a client who plans to commit fraud. Although voluntary parting is extremely rare (affecting less than 0.01% of rentals), owners understandably want to protect their gear in this scenario.
As an owner, this is where your own insurance comes into play. If you are concerned with renters not returning your gear, we recommend that you purchase voluntary parting coverage under your own insurance plan. If you currently do not have insurance for renting out your gear, or voluntary parting coverage, you can purchase both from our insurance partner, Athos.
As an equipment owner, should I be concerned about voluntary parting?
At ShareGrid, we take fraud very seriously, and we work hard to create the safest possible community for our members to share equipment. We have several key security and safety measures in place to protect the community. In order to make a rental on the site, every renter on the platform must:
- Upload a copy of their government-issued photo ID.
- Upload a payment card. Our payment processor verifies that the card is valid.
- Complete two-step phone verification, to ensure their phone number is correct, and they are receiving messages through our system.
- Purchase coverage to cover 100% of your equipment’s replacement value. If a renter uploads a third-party insurance policy, we verify the coverage directly with the insurance company.
Even with all these measures in place, we encourage you find out more about the people renting from you. Check their work experience and the links they've posted on their ShareGrid profile. See if you have mutual friends on social media, and ask for references if you like. You can also choose to rent only to people with previous reviews on the platform.
If you ever have concerns about someone who is renting from you, please contact us. You are never under obligation to proceed with a rental if you are uncomfortable.