The Lender Guarantee protects lenders in case of non-return or damage to their items. Coverage limits vary by country:
UK: Up to £25,000 per rental request.
US: Up to $30,000 per rental request.
Canada: Up to $40,000 per rental request.
There is no excess for claims made under the Lender Guarantee.
Important Note:
If you have your own commercial insurance, you must first file a claim with your provider. If your claim is rejected or not covered, you can then claim under the Fat Llama Lender Guarantee.
What Happens if a Borrower Does Not Return My Item?
You are covered. As per our Terms of Service, borrowers who fail to return an item are liable to pay the full replacement cost of the item, regardless of the circumstances of the non-return. In the event that the borrower is not cooperating and this payment is delayed, a claim may be made on the Lender Guarantee . Please ensure you follow our Lender Guarantee requirements.
If a claim is successful, you will be compensated for the cost of repair, replacement or the original value, whichever is less.
What is Not Covered?
The Lender Guarantee does not cover:
Late returns
General wear and tear
Lack of maintenance or preventative care, e.g. punctured soft (pneumatic) tyres on electric scooters (only hard tyres are covered)
Public liability
Loss of earnings due to unfulfilled rentals or work disruptions due to temporary absence of a functioning item.
Restricted items, including:
Chemicals, liquids, consumables
Weapons
Items exceeding coverage limits:
You're not covered for items exceeding the total value limit per rental request. If the total value of all items in a single rental request exceeds £25,000 in the UK, $30,000 in the US, or $40,000 in Canada, it will not be covered under the Lender Guarantee.
Lenders must have their own insurance to cover any excess value beyond these limits.
Items in transit with third-party services:
If an item is lost, damaged, or not returned while in transit using a third-party service (such as a courier or shipping provider), it will not be covered under the Lender Guarantee.
Please contact the third-party service directly, as they may have their own insurance policy.
Am I Eligible to Claim?
To be eligible, you must be able to answer the following statements truthfully:
I haven't been convicted of, or charged with, any offence other than motoring offences in the past 5 years.
I've never been subject to a county court judgement (CCJ), a small claims court judgement, a debt relief order (DRO), an individual voluntary arrangement (IVA) or bankruptcy proceedings.
I've never had insurance cancelled, refused or declined or had any special terms imposed.
I've not made more than 2 insurance claims in the past 5 years.