Owner Protection Policy
1 GymLend Pty Ltd (ABN 66 600 876 319) (GymLend or our or we or us) is in the business of conducting an online marketplace for the hire of health and fitness equipment between owners (Owners) and renters (Renters) (Services).
2 This Policy governs how Owners can protect their interests and their Equipment offered for hire on the Gymlend Platform.
3 GymLend’s standard User Terms indicate that Renters bear the risk in the Equipment during hire. In addition, if the Equipment is not returned to the Owner in good and clean condition (excluding fair wear and tear), GymLend’s standard User Terms also provide a variety of remedies for the Owner, including:
- repossessing the Equipment; or
- deeming the Equipment sold to the Renter; and
- recovering loss and damage suffered by the Owner.
4 The Platform also asks Renters to acknowledge a Risk Waiver at checkout.
5 Whilst GymLend seeks to make its Platform fair and safe for Owners and Renters, it is ultimately the responsibility of Owners and Renters to check the User Terms and the Risk Waiver, as well as any policies, to ensure they reflect the Equipment booking arrangement. Owners may impose additional conditions in their Equipment listing if they wish.
6 GymLend has procured for itself insurance covering the Platform and transactions conducted upon it, including certain loss and damage of hired Equipment.
7 GymLend is not in the business of selling insurance or advising on insurance products, but has procured its insurers to list Owners as an insured party on some of its pre-existing insurance policies .
WHEN ARE OWNERS AN INSURED PARTY UNDER GYMLEND’S PREEXISTING POLICIES
8 Owners are insured parties under GymLend’s pre-existing policies when they hire Equipment to Renters via the Platform and pay the GymLend Booking Fee, in accordance with the User Terms.
WHAT IS THE EXTENT OF GYMLEND’S PREEXISTING INSURANCE COVERAGE
9 The Equipment is covered whilst under a hire agreement with a Renter and from the point they are collected by the Renter until the Equipment is returned.
10 The excess for loss and damage to Equipment is $350 per event. Owners will be responsible for this excess if they seek coverage under GymLend’s pre-existing policies.
11 Cover is limited to $10,000 per event and $4,000 per item of Equipment.
12 Equipment is insured for replacement value or the cost to repair of the Equipment.
13 Coverage is subject to GymLend’s pre-existing insurers’ terms and conditions, which can be provided upon request by email to firstname.lastname@example.org.
WHAT’S EXCLUDED UNDER GYMLEND’S PREEXISTING INSURANCE COVERAGE
14 GymLend’s pre-existing insurance coverage, listing Owners’ as an interested party, does not extend to certain items, including:
- public liability;
- injury to persons;
- theft committed by any member of Your family or by any employee of Yours or committed by any person whilst lawfully at the Owner’s premises;
- damage or theft unless the property is on hire and excludes all claims where the property is at a location owned or controlled by the Owner;
- theft cover unless the property was:
- in a securely locked portion of any vehicle and the theft was consequent upon forcible and violent entry to the vehicle;
- securely and permanently affixed to a building or vehicle and theft is consequent upon violent and forcible entry;
- in a vehicle and property covered under this extension was securely chained or padlocked to that vehicle by an approved lock;
- in a securely locked container secured to a vehicle and the theft was consequent upon forcible and violent entry to the container;
- in a locked shipping container or other securely locked container which similarly has a design purpose of containing items of value;
- in a private residence or the private residence of an employee who has been authorised by You to have the custody and control of the property, however, we will not cover any theft by a tenant;
- securely locked in a building or any part of the building and the theft is consequent upon forcible and violent entry to the building or that part of the building, however, we will not cover any theft committed by any person while lawfully in the building or while property is unattended in areas of the building;
- stolen as a consequence of armed hold-up or the threat of physical violence;
- damage during transit, other than when the equipment personally accompanies the Owner, the equipment must be stored in an appropriate container that is designed to prevent damage to the equipment during transit;
- malicious damage or theft unless it is reported to Gymlend within 14 days of the event and the matter reported to the police and the report provided to Gymlend;
- in the case of theft, if the theft is caused by Owners or Renters or a member of their family, or their employees, or if You have assisted in or condoned the theft in any way. However, this exclusion shall not apply to theft consequent upon forcible and violent entry upon premises or felonious concealment upon premises committed by an employee;
- for replacement of batteries or parts worn by use or gradual deterioration;
- for wear, tear, fading, scratching, marring, gradual deterioration or developing flaws, normal upkeep, or making good;
- for theft of, loss of, or accidental damage to the equipment or any cost or expense of whatsoever nature directly or indirectly caused by, resulting from, or in connection with any act of terrorism, or from nuclear fallout, regardless, of any other cause or event contributing concurrently or in any other sequence to the loss;
- for theft of, loss of, or accidental damage directly or indirectly caused by, or contributed to, or arising from ionising radiations or contamination by radioactivity from any nuclear waste or from the combustion of nuclear fuel or nuclear weapons materials. For the purpose of this exclusion only, "combustion" shall include any self- sustaining process of nuclear fission;
- for loss of data or other optional extras not included on the insurance certificate;
- for loss of software that is not equipment;
- for theft of, loss of, or accidental damage directly or indirectly occasioned by, or happening through or connected with, war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power;
- for theft of, loss of, or accidental damage resulting from confiscation, nationalisation, requisition or damage to property by or under the order of any Government or Public or Local Authority;
- or loss of, or accidental damage to equipment which is not listed in the insurance certificate
- for loss of, or accidental damage to the equipment or any cost or expense of whatsoever nature directly or indirectly caused by inappropriate storage, screen bruising by hand, servicing, breakdown, malfunction, design fault, or electrical supply other than a power surge;
- for damage caused by environmental or climatic conditions or any variations in temperature;
- for damage caused by the application of heat to equipment or damage caused by corrosion, contamination, pollution, rust, inherent defects in equipment, vermin, moths, termites, or other insects or spiders;
- for loss of, or accidental damage to the equipment caused by data processing or media failure;
- for loss of, theft of, or accidental damage to the equipment while located underground, utilised in water, underwater, down hole, or in any pipe, drain or sewer, or located at a petrochemical plant, or located on any offshore oil and/or gas drilling, and/or production rig;
- for accidental damage to the equipment caused by or arising out of the use of explosives;
- for accidental damage to equipment in the open air which is not in Your actual physical and personal possession when the accidental damage is caused by wind, rainwater, or hail unless such equipment is designed to function in the open air outside a building;
- for equipment which is either a remotely piloted aircraft or for any other equipment insured by this policy attached to any remotely piloted aircraft whilst the remotely piloted aircraft is in use including take-off and landing;
- for consequential loss of any kind.
- Equipment not specified in the following list:
- Ab Rollers
- Belts, Gloves, Belts & Straps
- Push Up Bars, Dumbbells
- Suspension Training & TRX
- Benches, Boxing Bags, Gloves, Pads
- Exercise Bikes
- Cardio Stair Machine
- Foam rollers
- Resistance Bands, Ropes, Box Step, Mats
- Bosu, Medicine & Exercise Balls
- Yokes, bars, Collars
- Plates , Steppers
- Storage Racks & Stands
- Balance Balls
- Plyometric Boxes
- Rings , Sand bags , sleds
- Strong Man
- Weight Vests
- Pullup Rigs
- Rack Accessories , Racks , yokes , Bars
- Reformer beds
- Ski Erg
- Kettle Belts
- Skipping ropes
- Medicine Balls
- Specifically, no cable-based weight systems, pushbikes or equipment that utilises a power source (excluding treadmills, exercise bikes, elliptical machines and exercise bikes which may have a power source).
SHOULD OWNERS AND RENTERS GET THEIR OWN INSURANCE
15 At GymLend we always recommend that Owners and Renters consider procuring their own (as appropriate):
- home and contents insurance;
- property damage insurance;
- transit insurance;
- public liability insurance; and
- any other insurances they deem necessary in connection with their staff, equipment, customers and business.
WHY DO OWNERS NEED INSURANCE IF THIS POLICY APPLIES
16 GymLend’s pre-existing insurance policies are taken out by GymLend as an added layer of precaution for the Platform. They are intended to supplement, not replace, insurance tailored to the Owners’ needs.
HOW DO OWNERS ATTEMPT TO CLAIM UNDER GYMLEND’S PREEXISTING POLICIES
17 Please get in touch with us at email@example.com and we will refer you to our insurer.
18 OWNERS AND RENTERS OF THE PLATFORM ASSUME ALL RESPONSIBILITY FOR THEIR OWN INSURANCE NEEDS AND INDEMNIFY AND HOLD HARMLESS GYMLEND, AND ANY OF ITS ASSIGNS, AGENTS OR EMPLOYEES AGAINST ANY CLAIMS, LAWSUITS, LOSS, DAMAGES, AND EXPENSES (INCLUDING BUT NOT LIMITED TO SOLICITOR’S FEES ON AN INDEMNITY BASIS).
19 If we decide to change this Policy, we will post the changes on our website. Please refer back to this Policy to review any amendments.
Last updated: Version 1 - April 2020