UrbanShare™ $1000 Guarantee
We expect most of our clients to have potential safety concerns that are quite naturally associated with a new business model, so we’d like to address them upfront in detail.
First off, you are in complete control of who you share with. You can cancel the transaction even at item pick up time if for whatever reason you feel uncomfortable dealing with the person.
Peer ratings will be of huge importance and will be monitored very closely. It will become increasingly difficult for users with low average rating to lend their stuff or borrow from neighbors.
We will be using 3rd party services to monitor for fraudulent activities on the market place. We do not keep sensitive personal information in our system, all financial transactions, PCI compliance will be handled through Stripe Connect, web and mobile payment system.
Now, we are sure that the vast majority of transactions will go smoothly, but it’d be naive to assume that nothing out of the ordinary will ever happen and that’s why we are prepared. We see two major scenarios: more common — item is returned with minor issues (not cleaned, missing piece, etc.); very rare — item is damaged beyond reasonable repair or not returned at all.
Bond is in place to give you peace of mind if anything minor happens with your item. Bond is meant to protect items from small damage which is beyond normal wear and tear. It equals 20% of the stated item value. When you initially post your item on UrbanShare™ you will be asked to set total value based on item’s price, age and condition. Let say, you’ve decided to lend your tent — you bought it for $300 two or three years ago, used it pretty regularly, but it’s still in decent shape. You might want to set its value at $100, so bond will be automatically set at $20.
To claim bond you will need to go to “Lent Items” in the application and click on “Claim Bond”. A claim will automatically be created and we will reach out to you shortly. Bond can be claimed either partially or in full. Going back to our previous example, let’s say your tent is returned with a couple of missing pins. Max bond you can claim is $20. In conversation between you and UrbanShare™, we will help you determine the fair amount of bond that should be claimed.
We can not stress enough that bond is not a cash grab. Keep in mind that normal wear and tear is inevitable. If an item is of extreme sentimental value to you, simply don’t lend it. UrbanShare™ is all about sharing in your local community, so we don’t want the bond to be abused. Let’s be fair to each other. We monitor abnormally high levels of bond claims on the regular basis and reserve the right to refuse service if we suspect fraudulent activity.
UrbanShare™ $1000 Guarantee is designed specifically for a rare occurrence - if your item gets lost, stolen or damaged beyond repair. We expect that most of our users will never experience this situation first hand. If it happens though, first thing to do is click on “Claim Bond” in “Lent Items” in your profile. A claim will automatically be created and we will reach out to you shortly as our UrbanShare™ $1000 Guarantee kicks in. What that means is that after your chat with UrbanShare™ about the claim, and once you purchase the replacement item and send us a copy of the receipt, you will be reimbursed based on the item value to the maximum of $1000 dollars (excluding GST).
Going back to our previous example with the $100 tent — if it gets lost, after the claim is created, you will purchase a replacement and we will reimburse you $100 as per your stated item value.