This is the number one question we get from prospective Owners. We knew very early on that we would have to come up with a solution that would fully protect items and give Owners absolute confidence that their items would be taken care of.
We didn’t reinvent the wheel
Our first step in our discovery process was to research how traditional rental shops protect their items. What we found is that most rental companies collect a rental protection fee of 15% on every rental. With this being an industry standard it became the first process that we implemented in our rentals.
Every listing on CLINK already includes this rental protection fee. We hate nothing more than being told something is one price and then to be hit with additional fees at checkout. Therefore, the listing you see on CLINK is the price you’ll pay and it already includes our RPP.
General liability insurance
Another requirement we have is that any item over $5,000 in value also be covered under a general liability policy. Requiring an Owner to carry a general liability policy on their item shows a level of buy-in and commitment on their part in this partnership. It also adds another layer of protection on the item.
We validate IDs in order to transact on CLINK
Although this doesn’t exactly pertain to insurance, it does permit us to maintain the quality of users on the CLINK platform. Users must maintain a 3 star rating or above in order to use CLINK. If they drop below 3 stars they are forever removed. They aren’t able to slip in under a different name because they must validate their driver’s license to transact on the app.
Owners always have the right to decline a rental
When an Owner gets a rental request they are able to look at the Renter’s past performance on the platform. If they aren’t comfortable with what they see, then they can decline the request.
How to validate damage
Validating a claim and submitting it for review is a process that we put in the hands of the Owners and Renters. 24 hours before a rental you will be asked to check-in for the upcoming exchange. In doing so you will take as many photos of the item as you’d like, upload them through the app, and confirm hours and fuel levels. Both parties will repeat the process at check-out. This gives us the ability to verify the pre and post condition of the item.
How many rentals result in claims?
In 2022 less than 1% of all rentals resulted in a claim. In those claims we were able to validate damage, assess repair costs and remit payment to the owners.
This is a very important topic to us and we’d love your questions and feedback. Please feel free to reach out to our CEO at email@example.com.