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We understand insuring the safety and security or your kit is of paramount importance. So here is an overview of MyKitPlace currently operates.

MyKitPlace is the platform which facilitates hire of equipment between individual parties. MyKitPlace takes away the hassle of running a rental business:

  • Centralising and automating the admin
  • Providing I.D. and reference checks
  • Providing a safe, secure, accountable payment portal
  • Providing a clear channel of communication between parties
  • Making it easy to set up a hire within a few clicks on one website.

What this means for kit Owners and Hirers

When you list something, by default the system presumes you want the Hirer to have hired-in equipment insurance. You need to include the replacement value as part of your listing.

For Hirers who have an annual policy, we ask to see the policy as part of their verification procedure so we can confirm it and flag this in their profile.

When Owners get a booking enquiry, the first thing to do is look at the person's profile and see if they have insurance, have they been verified via MyKitPlace and what their reputation and reviews say about them.

You ALWAYS have the option of turning down a booking at any time: it is always an enquiry, never an order you are obliged to fulfill. The Owner always gets to assess the prospective Hirer, including if they do not have hired-in insurance.

An Owner then needs to accept or reject the request, or message back saying "Fine if you get hired-in insurance for the hire." The Hirer would need to do this and send a copy of the policy to the Owner to verify it’s sufficient to cover their kit.

Plans are in process to add an option to purchase insurance directly on the site, but for now we must refer people to various brokers for short-term insurance.

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Insurance on an ad hoc basis tends to cost about half a percent of the replacement value, this can be off-putting to some. So depending on how valuable your kit is (and robust) Owners may choose to hire some lower value gear to people with a good rep but no insurance. You have that control.

Everyone will have their own level of risk. Our Gear Factory colleagues may be happy hiring a GoPro to a student with no insurance, but won't hire a set of Superspeeds to anyone unless they are obviously a professional with very good insurance.

The Bottom Line

Even if a Hirer contacts you, who has insurance, if you as an Owner look at a profile and don't feel comfortable hiring to them you can simply refuse the request. Of course it is polite to offer a reason.

If things go wrong MyKitPlace is ready to investigate and mediate if there is a dispute. The Hirer will have signed a rental agreement with you for the full value if the kit so they are legally obliged to put it right. There is also the reputational element where both parties are reporting on the experience. As the platform grows, this can carry more and more weight.

Our Promise

MyKitPlace is born out of hire facility the Gear Factory in London and we have approximately 600Ks worth of kit listed on the site. We are working with lawyers to put in place a "We've got your back" plan. Confirmation of which will follow in time.

This plan would mean that if there is a dispute, even when insurance is in place, we would loan you a replacement, or a similar piece of kit, from our pool of equipment while the claim is being processed. This way you don’t lose out on business or opportunities because you used our site. We want to fix your situation first and ask questions later.