Explaining the Direct Physical Damage Liability Waiver (DPDLW) Program!

 

What is DPDLW?

DPDLW (Direct Physical Damage Liability Waiver) program covers the replacement value of the item that is rented via one of our platform customers. In the event of physical loss or damage, we serve as a Third-Party Administrator (TPA) to investigate the claim and when valid pay the platform (who then pays the party involved – typically the owner). The replacement value may also include a deductible of 10% of the replacement value or $25 – whichever is more. See your rental agreement and platforms terms and conditions for more details.

Can you tell me more about the DPDLW?

The DPDLW (Direct Physical Damage Liability Waiver) program provides funding to the rental platform to have funds to pay the rental asset owner for the cost of repair or replacement of the item rented during an approved rental transaction, from one of the platform customers. In the event of physical loss, damage or theft of the rental asset used in the approved rental transaction, the platform has retained a Third-Party Administrator (TPA) to investigate the claim and when the claim process is determined to be a valid claim event, the platform will then pay the party involved – typically the owner. The replacement value of the rental asset is determined by the platform may also include a deductible of 10% of the replacement value or $25 – whichever is more. See your rental agreement and platforms terms and conditions for more details.

Why is DPDLW important to the asset owner or asset renter?

Similar to other rental agreements, the renter of the asset is responsible for the care custody and control of the rental asset during the Platform approved rental period. By paying the DPDLW fee the renter is transferring a limited amount of the risk of loss to Platform. The DPDLW provides reimbursement to platform to have funds to pay the parties to the rental transaction. (For example, the owner of the rental asset for direct physical damage to the rental asset) The owner of the rental asset warrants the operating condition of the rental asset. The owner represents and warrants the rental asset is not damaged and is condition to perform as anticipated for the rental transaction. The asset owner will receive payment for approved damages or replacement of the asset, by the rental platform. The parties to the rental agreement will cooperate with and provide all assistance and documentation as requested during the claim. For example, in the event the rental asset is lost by theft, the incident is to be reported to the local police. The asset renter if lost while the asset was in the custody of the renter could be requested to supply a copy of the police report as part of the claim adjustment process. The renter and or asset owner will supply photos and or a video of the damage, obtain witness statements, provide a listing of all items missing and or damaged, description of the events causing the damage or theft. The DPDLW does NOT pay for indirect damage like the loss of rental revenues for the asset owner while the asset is being repaired or replaced. The DPDLW does NOT pay for the reduction in value of the asset because the asset is diminished in value because of being repaired. The DPDLW or Platform does not provide any liability coverage for any legal actions brought by third parties or any party to the rental transaction. The DPDLW does not provide payment for medical costs to anyone involved in the rental transaction or damage to or loss of any personal property of the parties involved in the rental transaction. In order to receive the benefit of the DPDLW, the renter and the asset owner are responsible to comply with the terms and conditions of the rental agreement. The renter is responsible to return the rental asset at the agreed time and location as designated by the rental agreement. The rental asset is to be in the same condition as the asset was transferred to the renter at the start of the rental period. Normal wear and tear is anticipated during the rental transaction renting the rental asset according the approved rental transaction for Platform. The asset renter is not purchasing the rental asset, the renter is only taking physical custody of the rental asset during the approved rental transaction time period. The renter is responsible for return of the rental asset at the agreed time and location for the exchange of the rental asset from the renter to the asset owner.

 

How do I file a claim?

Go to customers.sharetempus.com and click on the chatbot icon on the lower right side:

Questions? Email us @ [email protected]