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1. Introduction & Coverage Limit

LEND-IT.CA is provided by Porticus Marketplace Inc. ("LEND-IT.CA", “we,” “us,” or “our”).

We understand that trust is essential in facilitating successful peer-to-peer rental transactions. To provide peace of mind to our Lenders, we offer a Lender Guarantee Policy (the “Policy”).

This Policy provides coverage for damaged or stolen items up to CAD $3,000, subject to the specific requirements outlined below.

This Policy applies only to rental transactions that are fully completed through the LEND-IT.CA platform. Any rentals arranged, negotiated, or paid for outside of the platform are not eligible for coverage under this Policy.

 

2. Eligibility for Coverage

Default Eligibility:

  • The Lender Guarantee Policy applies only to Personal Lenders.
  • Business Lenders are not automatically covered under this Policy.

Exception: Business Lenders Who Apply & Are Approved

  • Some Business Lenders may be eligible for coverage upon approval.
  • Approval is granted on a case-by-case basis and subject to the Business Lender complying with all platform policies.

Application Process for Business Lenders:

  • Business Lenders seeking eligibility under the Lender Guarantee Policy must submit a request via email to info@lend-it.ca.
  • The Business Lenders application should include:
    • full name and contact information (email, phone number)
    • legal business name and number 
    • links to business website (e.g., profile, website, social media, or other rental pages)
    • brief description of rental operations, including:
      • Types of items rented
      • Geographic service area
      • Insurance information including:
  • whether the Business Lender has liability insurance that covers rental-related risks; and 
  • the type of coverage provided (e.g., general liability, property 

Approval Process:

  • Applications will be reviewed on a case-by-case basis to determine eligibility.
  • LEND-IT.CA reserves full discretion in approving or denying applications.
  • Business Lenders may be required to provide additional information if requested.

Ongoing Compliance:

  • Approved Business Lenders must continue to adhere to all platform terms and policies.
  • Eligibility may be revoked if a Business Lender:
    • Fails to maintain or disclose changes in their insurance coverage.
    • Violates any terms outlined in the Lender Guarantee Policy or Terms of Service.

    • At LEND-IT.CA’s discretion.

       

3. Requirements for Coverage

To be eligible for coverage under the Policy, Lenders must adhere to the following requirements:

  • Accurate Listing Description: Lenders must provide a detailed and accurate description of the item being rented, including its condition, specifications, any special instructions for use, and clear return requirements.
  • Proper Maintenance and Care: Lenders are responsible for ensuring that rented items are well-maintained and in good working condition at the time of rental.
  • Photographic Documentation: Lenders must take at least three time-stamped photos of the rented item before the start of each rental period to serve as documentation in case of disputes.
  • Prompt Reporting: Lenders must report damage or non-return within 24 hours of the rental period ending. Failure to report within this timeframe may result in denial of coverage.
  • Pre-Reporting Expense Prohibition: Lenders must notify LEND-IT.CA before incurring any repair or replacement expenses. Unauthorized expenses may not be reimbursed.
  • Cooperation with Investigation: Lenders must fully cooperate with LEND-IT.CA in any investigation related to a claim under this Policy.

 

4. Exclusions

The following situations are not covered under the Policy:

  • Normal Wear and Tear: Damage resulting from ordinary use or gradual deterioration.
  • Pre-Existing Damage: Issues that existed before the rental period and were not disclosed by the Lender.
  • Loss of Potential Income: Lost rental income due to item unavailability.
  • Acts of God: Damage caused by natural disasters, such as floods or earthquakes.
  • Failure to Comply with Policy Requirements: Claims that result from non-compliance with the Policy.

 

5. Claims Submission Process

To file a claim, Lenders must email info@lend-it.ca or use the "Support Centre" on the platform. The email subject line should state “CLAIM SUBMISSION” and include:

Lender Contact Information:

  • Full Name
  • Phone Number
  • Email Address

Incident Details:

  • WHO: Name of the Lender
  • WHAT: Specific incident (damage, theft, non-return)
  • WHEN: Date/time of the incident or when the item was returned
  • WHERE: Location of the Lender
  • WHY: Reason for the claim

Item Details:

  • Description (make, model, serial number, etc.)
  • Rental period (start and end date)
  • Any rental terms outlined in the listing

Photographic Evidence:

  • At least three time-stamped photos before the rental period
  • Photos of damage or missing parts after the rental period

Estimated Cost of Repair or Replacement:

  • Breakdown of estimated costs with supporting documentation (quotes, invoices, receipts)
  • Market value estimate for replacement if applicable

Declaration of Accuracy & Policy Acknowledgment:

Lenders must include the following statements in their claim submission:

"I hereby declare all information provided in this email to be accurate to my knowledge and understanding."

"I hereby declare I have read and understand the terms and conditions of the Lender Guarantee Policy and the Terms of Service."

 

6. Claims Review Process

LEND-IT.CA follows a structured claims review process:

  • Initial Assessment: We verify that the claim submission is complete. If information is missing, we will request additional details.
  • Documentation Review: We evaluate the claim, review rental details, and examine provided evidence.
  • Investigation (if necessary): If there are discrepancies, we may contact the Borrower, seek expert opinions, or review additional records.
  • Decision Making: A decision is made based on the Policy terms and applicable regulations.
  • Notification to Lender: We notify the Lender of the claim decision and any next steps.
  • Resolution: If approved, we process reimbursement or assist with repairs/replacements.
  • Closure: All claims are documented for internal record-keeping.
     

Note: LEND-IT.CA reserves the right to require a Full and Final Release before issuing any reimbursement.

 

7. Fraudulent or Misleading Claims

LEND-IT.CA reserves the right to deny claims if there is evidence of fraud, misrepresentation, or intentional misuse of this Policy.

Lenders who repeatedly submit false or exaggerated claims may be subject to suspension or permanent removal from the platform.

If a claim is found to be fraudulent after a payout has been made, LEND-IT.CA may take action to recover the payment, including legal remedies if necessary.

 

8. Contact Information

For any questions or assistance regarding this Policy, please contact us at info@lend-it.ca.