Time to Face The Facts About Rental Coverage
The subject of equipment and rental coverage has always been perceived as confusing, non-transparent, and not very interesting to read about. However, I believe we can all agree it’s an important one and one that should never be misleading. Recently, there has been some misleading information published by a ShareGrid competitor about coverage-pricing that is simply not correct. That’s why we’ve taken the time to run a comparison of some of the online rental companies that offer equipment rental coverage, so you can have the correct facts needed to make your next rental coverage choice.
Before we get to the comparison sheet, we’d like to clarify a few points. First, we are not an insurance provider, broker, or agent, so please do not take this as advice. You should check with your licensed broker for advice and recommendations on equipment coverage. This is just our side-by-side findings from different gear providers.
What’s the difference between Insurance & Damage Waiver?
It’s typically backed by and serviced by the rental company itself, therefore they can only be used for rentals from the offering rental company. Most damage waivers only cover damage and do not cover theft. Make sure you check any applicable damage waiver terms to understand the extent of coverage. We tried to be as clear as possible by naming our policies Damage Only and Damage + Theft.
Insurance is backed by and serviced by an insurance company. Typically, insurance is transferable and can be used within multiple platforms. Among the companies listed below, ShareGrid is the only one that can instantly sell insurance that can be used within AND outside of ShareGrid. This provides you with the greatest value without locking you into our website only.
What’s the difference between Theft and Voluntary Parting?
Theft is when it has been proven that someone stole equipment directly from the renter against their will. Voluntary Parting happens when you willingly give your equipment to a renter who then disappears or does not return with your equipment. In most rentals, the renter purchases insurance to reimburse the equipment owner if there is a damage or theft claim. However, if the renter decides not to return the equipment, this is considered fraudulent, and their policy will not pay for their criminal activity.
Purchasing or adding Voluntary Parting coverage is the only way an equipment owner can protect themselves against fraudulent renters. Not too long ago, Voluntary Parting coverage was only available to rental houses and not to individual equipment owners. Today, one of the only avenues to purchase this coverage it through ShareGrid’s insurance partner, Athos Insurance. You can even buy it instantly on ShareGrid.com. Furthermore, most fraud is committed by renters with minimal background in the film and photo industry. For this reason, Sharegrid invests time and resources into carefully vetting every renter.
We’ve done the research and here’s what we’ve found. We looked at four companies and compared a few scenarios: a weekend shoot and a week-long shoot with coverage amounts ranging from $5,000 to $70,000. Some of these companies offer damage waiver coverage and insurance policies, but we’ve narrowed it down to the coverages renters care about; damage and theft, regardless if it’s serviced by an insurance company or rental company. Given its lower coverage amounts, damage waivers should be backed by these companies without an issue.
We value transparency and are committed to keeping an open dialogue about insurance. We hope other companies will do the same. We welcome any honest discussion about insurance and how ShareGrid’s prices compare to our competition. It’s boring, but a necessary conversation so that you can get back to doing what you do best, creating.
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