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1. Introduction & Coverage Limit 

LEND-IT.CA is provided by Porticus Marketplace Inc. (“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 (as defined in our Terms of Service), we offer a Lender Guarantee Policy (the “Policy”). 

This Policy is designed to provide coverage for damaged or stolen items up to $3000, subject to specific requirements outlined below. 

2. Requirements for Coverage 

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

  1. 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. 
  2. Proper Maintenance and Care: Lenders are responsible for ensuring that the rented items are well-maintained and in good working condition at the time of rental. This includes regular inspections, servicing, and necessary repairs as needed.
  3. Photographic Documentation: Before the start of each rental period, Lenders must take at least three photos of the rented item with time stamps (either on the photos or available in the metadata) clearly showing the condition of the item. These photos will serve as documentation in case of any disputes or issues during the rental period.
  4. Prompt Reporting: In the event of damage to or non-return of the rented item, Lenders must report the issue to us within 24 hours of the end of the rental period. Failure to report the issue within the specified timeframe may result in denial of coverage under the Policy.
  5. Pre-Reporting Expense Prohibition: Lenders should notify us of the issue before they incur any expenses related to the claim; otherwise, they risk losing coverage under the Policy.
  6. Cooperation with Investigation: Lenders must fully cooperate with us in any investigation related to a claim under the Policy. This includes providing relevant documentation, evidence, and information as requested by us.

3. Exclusions 

The following situations are not covered under the Policy:

  1. Normal Wear and Tear: Damage resulting from ordinary use or gradual deterioration over time that does not affect the functionality or usability of the item.
  2. Pre-existing Damage: Damage or wear that existed prior to the rental period and was not documented or disclosed by the Lender in the item listing or rental agreement.
  3. Loss of Potential Income: Loss of potential income or revenue resulting from the unavailability of the rented item due to damage or non-return.
  4. Acts of God: Damage caused by unforeseeable events or forces of nature, such as earthquakes, floods, hurricanes, or other natural disasters.
  5. Failure to Comply with Policy Requirements: Damage or loss resulting from the Lender’s failure to comply with the requirements outlined in the Policy.

4. Claims Submission Process 

To file a claim under the Policy, Lenders must submit a detailed description along with supporting documentation (outlined below) to info@lend-it.ca, or message us directly on the website or application using the “Support Centre” function. 

The claim submitted by Lenders should include: 

  1. Subject Line: Clear and descriptive subject line indicating it's a claim under the Lender Guarantee Policy. The subject line will state “CLAIM SUBMISSION”. 
  2. Contact Information: Lender's full name, email address, and phone number for communication purposes, including: 
    1. WHO: Full name
    2. WHAT: Specific incident
    3. WHEN: Date/ time of incident/ when item was returned
    4. WHERE: Location of Lender
    5. WHY: Describe why this claim is being submitted
    6. CONTACT:
      1. Phone: 
      2. Email: 
    7. MEASURES TAKEN AT THIS TIME: Specify details
  3. Item Details:
    1. Description of the rented item (make, model, serial number, etc.).
    2. Date and duration of the rental period.
    3. Any specific terms or conditions outlined in the item rental posting.
  4. Description of Issue: Detailed description of the issue or damage encountered during the rental period.
  5. Photographic Evidence:
    1. Attached photos of the item showing the damage or issue encountered.
    2. At least three photos with time-stamps taken before the rental period for documentation purposes.
  6. Estimated Cost of Repair or Replacement:
    1. Breakdown of estimated costs associated with repair or replacement with supporting sources cited. 
    2. Lenders are required to provide estimates based on the current market value of the item or the cost of similar replacements, considering factors such as repair or replacement costs, market research, and consultation with relevant experts. Detailed documentation, including quotes, invoices, and receipts, should accompany the estimate, demonstrating the reasonableness and proportionality of the costs incurred. Additionally, Lenders should include contact information for any experts or outsiders providing perspective on the estimate, allowing for verification and clarification as needed.
  7. Declaration of Accuracy:
    1. Statement confirming the accuracy and truthfulness of the information provided in the claim submission. For example, you may copy and paste the below: 
      1. “I hereby declare all info provided in this email to be accurate to my knowledge and understanding”. 
  8. Acknowledgment of Policy Terms:
    1. Confirmation that the Lender has read and understood the terms and conditions of the Lender Guarantee Policy and the Terms of Service. For example, you may copy and paste the below:
      1. “I hereby declare I have read and understand the terms and conditions of the Lender Guarantee Policy and the Terms of Service”.
         

5. Claims Review Process 

Our goal is to ensure transparency, objectivity, and prompt resolution of all claims, while upholding the integrity and trustworthiness of our peer-to-peer rental platform. Upon receiving a claim, our team will carefully evaluate according to the below:

  1. Initial Assessment:
    1. Upon receipt of the claim email, we conduct an initial assessment to ensure all required documentation is provided and the claim meets eligibility criteria.
    2. If any information is missing or unclear, we may request further clarification or additional documentation from the Lender.
  2. Documentation Review:
    1. We review all documentation submitted with the claim to assess the validity and accuracy of the information provided.
    2. The platform verifies the details of the item rental posting, inspects the photographic evidence, and examines any communication records to establish a clear understanding of the situation.
  3. Investigation (if necessary):
    1. If there are discrepancies or uncertainties regarding the claim, we may conduct further investigation to gather additional information or evidence.
    2. This may involve contacting the Borrower for their perspective on the issue, obtaining expert opinions or assessments, or reviewing any relevant policies or procedures.
  4. Decision Making:
    1. Based on the information gathered during the initial assessment and any subsequent investigation, we make a decision on the validity and eligibility of the claim.
    2. The decision is made in accordance with the terms and conditions outlined in the Policy and any applicable laws or regulations.
  5. Notification to Lender:
    1. We notify the Lender of the decision regarding their claim via email or message.
    2. If the claim is approved, we provide instructions on the next steps for reimbursement or resolution.
    3. If the claim is denied, we provide a clear explanation of the reasons for denial and any options available to the Lender for further recourse.
  6. Resolution:
    1. Once a decision has been communicated to the Lender, we take appropriate action to facilitate resolution of the claim.
    2. This may involve issuing reimbursement to the Lender, coordinating repairs or replacements for the rented item, or providing assistance in resolving disputes between the Lender and Renter.
  7. Closure:
    1. We maintain records of all claims and their resolutions for internal documentation and audit purposes.

As a condition for coverage under the policy, we reserve the right to seek a Full and Final Release in connection with any claims. 


6. Contact 

If you have any questions or require assistance with the Policy, please contact us at info@lend-it.ca.