GearLode wants you to have peace of mind when renting your instruments and equipment through the Site. So, we purchased an insurance policy that we call the GearLode Gear Protection Plan. It addresses instrument and equipment damage, loss and theft incidents that might be experienced by our users. For more information regarding the insurance policy, please reference the questions and answers provided below, and the policy's terms and conditions.
As with all insurance, there are exclusions and reimbursement limits in the GearLode Gear Protection Plan that may apply to coverage of your instruments and equipment. You should review any insurance policy that you may already have (for example, your homeowner's or renter's policy) to determine if your instruments and equipment are covered under existing insurance, and make sure you understand any exclusions and deductibles that may apply under that insurance. If your instruments and equipment are not covered under an existing insurance policy, we recommend that you obtain independent insurance coverage for items that are excluded from the GearLode Gear Protection Plan or that exceeds its reimbursement limits.
Owners seeking payment under the GearLode Gear Protection Plan agree to cooperate with GearLode and its insurers, including providing sufficient documentation and other evidence for any claimed loss.
The GearLode Gear Protection Plan provides protection to Owners for damages to, or loss or theft of, instruments and equipment rented through the Site. The payments are subject to certain conditions, limitations, and exclusions, which are described below and in the insurance policy's terms and conditions.
The GearLode Gear Protection Plan may reimburse the Owner for eligible instrument and equipment damage, loss or theft up to the item's fair market value as estimated by the Owner at the time of posting, but no more than the actual value of the item as determined during the claim review process in the sole discretion of GearLode or its insurers. The total amount of reimbursement for instrument and equipment damage, loss or theft varies and depends on the circumstances and the type of item and damage. Owners should take care to estimate the fair market value of their instruments and equipment as accurately as possible; otherwise, there could be an adjustment in the settlement of any claim. Under no circumstances will the total amount for reimbursement of any claim exceed $50,000.00.
The GearLode Gear Protection Plan does not cover:
Indirect, incidental, consequential or special damages;
Instrument and equipment damage, loss or theft exceeding $50,000.00 in actual value;
Reasonable wear and tear; or
Items that are covered by personal insurance, homeowner's insurance, commercial rental insurance,
business insurance, school insurance policies, or other insurance policies.
Before making a claim, we suggest that the Owner attempt to reach a resolution with the Renter. Additionally, a police report must be filed for any instrument or equipment theft.
THE OWNER MUST SUBMIT A CLAIM WITHIN 60 DAYS FROM THE LAST DAY OF THE RENTAL PERIOD OR THE RETURN OF THE ITEM, WHICHEVER IS EARLIER. ANY CLAIM MADE AFTER THIS TIME PERIOD WILL NOT BE ELIGIBLE UNDER THE GEARLODE GEAR PROTECTION PLAN.
Any claim that you file must include certain documentation and information in order for us to determine claim eligibility and to process eligible requests. A claim must include at least the following:
Photos of undamaged item (at least 3);
Photos of damaged item (at least 3);
Written description of pre-existing damage;
Written description of claimed damage;
Police report for any item theft claim;
Documentation that sufficiently demonstrates ownership;
Details about the item (make, model, serial number, year manufactured, etc.);
Fair market value of the item (purchase receipts, purchase price, etc.); and
Additional documentation as required by GearLode or its insurers.
All claims should be emailed to firstname.lastname@example.org or mailed to GearLode, Inc., 244 Fifth Avenue, Suite 1585, New York, NY 10001, United States of America.
REMEMBER, THE OWNER MUST SUBMIT A CLAIM WITHIN 60 DAYS FROM THE LAST DAY OF THE RENTAL PERIOD OR THE RETURN OF THE ITEM, WHICHEVER IS EARLIER. ANY CLAIM MADE AFTER THIS TIME PERIOD WILL NOT BE ELIGIBLE UNDER THE GEARLODE GEAR PROTECTION PLAN.
Once a claim is received, we will review the claim and contact you to discuss the next steps in the process and whether any further documentation is needed. When we have received sufficient information from the Owner and the Renter, we will evaluate the claim and contact the Owner with information about the claim's eligibility status.
We will do our best to make sure that if you are eligible for payment under the GearLode Gear Protection Plan, you will receive payment as soon as possible.