Owner Guarantee Policy
This Policy is incorporated by reference into the GearUp Exchange Terms of Service. It describes discretionary protection GearUp Exchange provides to Lessors in the event of covered loss, theft, damage, or non-return of equipment. It is not an insurance product and does not create any vested right to payment. GearUp Exchange reserves the right to modify, suspend, or discontinue this Policy at any time.
What's Covered
Lessors may be eligible for protection of up to $100 in fair market value per rental transaction where listed equipment is lost, stolen, damaged beyond normal wear and tear, or not returned, due to the acts or omissions of a Lessee during the rental period.
Coverage is discretionary. GearUp Exchange determines, in its sole judgment, whether a claim qualifies and the amount of any payout.
What's Not Covered
The following are excluded from the Owner Guarantee:
- Pre-existing damage, defects, or wear the Lessor knew of or failed to disclose
- Normal wear and tear or cosmetic damage
- Damage resulting from the Lessor's own negligence or misrepresentation
- Claims not submitted within the required window
- Equipment that was not listed on the Platform at the time of the rental
- Equipment that violates the Prohibited Items Policy, regardless of whether it was successfully listed
- Losses resulting from Acts of God or natural disasters
Claim and Resolution Process
Direct Resolution First
Before filing a claim, the Lessor must make a good-faith attempt to resolve the matter directly with the Lessee, including through the Platform's dispute process under Terms of Service §5.10 where applicable.
Initiation
If the matter is not resolved with the Lessee, the Lessor must submit a claim to support@thegearupexchange.com within seven (7) days of the confirmed rental return date (or, where equipment was not returned, within seven (7) days of the Agreed Return Time under ToS §4.5). GearUp Exchange may hold a claim determination in abeyance pending the outcome of an active Lessee dispute involving the same incident.
Verification and Documentation
Upon receipt of a claim, GearUp Exchange will contact the Lessor to collect relevant information, which may include: the equipment's make, model, and age; photographs or other evidence of pre-rental condition; purchase documentation or comparable valuation evidence; and any supporting evidence of the Lessee's non-cooperation.
Evaluation
GearUp Exchange will review the submitted materials and determine, in its sole discretion, the legitimacy of the claim and the equipment's fair market value, based on a depreciation schedule and other relevant market signals including age, model, and current resale benchmarks.
Determination and Payout
GearUp Exchange will use commercially reasonable efforts to issue a written determination within a reasonable time of receiving a complete claim submission. Approved claims are paid out of GearUp Exchange's own funds. GearUp Exchange reserves the right, but has no obligation, to pursue recovery from the responsible Lessee.
Finality
All determinations made by GearUp Exchange under this Policy are final and binding. There is no internal appeal process. GearUp Exchange may deny a claim if documentation is insufficient, fraudulent, or non-compliant with this Policy.
Coverage Limits
Current maximum protection is $100 per rental transaction. Cumulative claims paid to a single Lessor exceeding $1,000 within a rolling twelve (12) month period may trigger additional review at GearUp Exchange's discretion, which may include enhanced documentation requirements or denial of further claims. Coverage amounts are subject to change; the current limit is always reflected in this Policy on the Company's website.
This Is Not Insurance
The Owner Guarantee is a discretionary program — it is not an insurance product and does not constitute an insurance contract. Payment is made solely at GearUp Exchange's discretion and does not create any vested or enforceable right to compensation. Lessors are encouraged to maintain their own insurance coverage for their equipment and rental activities.
Questions about the Owner Guarantee?
Contact us before filing — we're happy to walk you through the process.