This Owner Guarantee is issued by Peermate FZCO, a company incorporated in the United Arab Emirates, operating the Peermate platform (“Peermate”, “we”, “us”, or “our”). This Guarantee should be read in conjunction with the Peermate Terms of Use.
1. SCOPE AND APPLICATION
1.1. This Lender Guarantee Agreement (the “Guarantee”) applies exclusively to verified users of the Peermate FZCO Platform (“Lenders”) who list items for rental within the United Arab Emirates (UAE) and are duly registered and approved by the Peermate (“Platform”).
1.2. The Guarantee covers only those items that have been validly listed on the Platform by a Lender and subsequently rented out through the Platform’s secure booking and payment system. The Guarantee shall not apply to any transaction conducted outside the Platform or to items not expressly listed under the Lender’s verified account.
1.3. This Guarantee is intended to provide Lenders with protection in the event of loss, theft, or physical damage of a listed item caused by a verified renter (“Renter”) during the rental period, subject to the exclusions and limitations specified in this Agreement.
1.4.The Guarantee shall extend only to:
(a) Individual Lenders who are UAE residents and corporate Lenders duly licensed in the UAE;
(b) Items that are legally permitted to be owned and rented under UAE law;
(c) Items listed under categories approved by the Platform; and
(d) Loss or damage arising solely during the agreed rental period and directly attributable to the Renter’s possession or use.
2. COVERAGE
2.1. Scope of Coverage
Peermate, subject to the terms of this Guarantee, undertakes to indemnify the Lender against direct physical loss, theft, or accidental damage to an Item occurring strictly during the confirmed rental period, provided that:
(a) the Item has been properly listed, described, and approved on the Platform prior to the rental;
(b) the rental transaction was completed exclusively through the Platform’s secure payment and booking system;
(c) the Renter has been duly verified and accepted by Peermate in accordance with its verification procedures; and
(d) the Lender can demonstrate lawful ownership or possession rights over the Item at the time of the claim, evidenced by valid proof of purchase, invoice, or other acceptable ownership documents.
2.2. Financial Limits of Coverage
The maximum liability of Peermate under this Guarantee shall not exceed the lower of:
(a) the original documented purchase price of the Item; or
(b) AED 125,000 (One Hundred Twenty Five Thousand Dirhams) per Item per claim,
irrespective of the current market or replacement value.
2.3. Categories of Items Covered
This Guarantee shall extend only to tangible movable property that is legally permitted for ownership and rental within the UAE. Covered categories include, but are not limited to:
(a) Electronics and Devices – laptops, tablets, cameras, drones, audio/visual equipment, and similar devices ;
(b) Household and Lifestyle Equipment – furniture, appliances, tools, sporting goods, musical instruments, and other durable household or lifestyle items;
(c) Event and Professional Equipment – lighting, sound systems, projectors, staging equipment, professional tools, and related accessories;
(d) Other Approved Items – any movable property expressly approved and listed under the Lender’s account on the Platform.
2.4. Types of Losses Covered
Coverage under this Guarantee shall include:
(a) Theft – the unlawful taking of an Item by the Renter during the rental period, provided that the Lender has reported the theft to the competent UAE police authority within 48 hours of discovery and has submitted the police report as part of the claim;
(b) Accidental Damage – sudden and unforeseen physical damage rendering the Item partially or wholly unusable;
(c) Malicious Damage – deliberate physical damage caused by the Renter or any person under the Renter’s supervision during the rental period, supported by reasonable evidence such as a police report or witness statement.
(d) Total Loss – irreparable damage or theft resulting in the Item being permanently lost to the Lender; and
(e) Partial Loss – repairable damage, in which case Peermate may cover the reasonable cost of repair up to the applicable limit.
2.5. Repair or Replacement
At its sole discretion, Peermate may either:
(a) reimburse the Lender for the reasonable repair costs (supported by valid invoices);
(b) reimburse the Lender up to the original purchase value or the coverage limit, whichever is lower; or
(c) arrange for replacement of the Item with a like-for-like equivalent.
2.6. Conditions Precedent to Coverage
The Lender’s right to coverage under this Guarantee shall be subject to strict compliance with the following conditions:
(a) the Lender must notify Peermate of any claim within 48 hours of discovery of loss or damage;
(b) the Lender must submit all required documentation, including proof of ownership, rental agreement confirmation, police report (in case of theft), and photographs of the damage (if applicable); and
(c) the Lender must fully cooperate with Peermate and its appointed assessors in verifying and processing the claim.
3. EXCLUSIONS – WHAT IS NOT COVERED
The Insurer/Guarantor/enter shall not be liable to indemnify, compensate, or make any payment whatsoever in respect of any loss, damage, liability, or claim arising directly or indirectly from, or in connection with, any of the following circumstances:
3.1. Damage to Items
No cover shall extend to damage:
· 3.1.1. arising from, or attributable to, any inherent mechanical or electrical fault, defect, malfunction, or breakdown, whether sudden or gradual in nature;
· 3.1.2. caused by latent or inherent defects in the item, including but not limited to deterioration due to corrosion, rust, mold, mildew, moth, vermin, infestation, humidity, excessive or extreme temperatures, or other natural gradual processes;
· 3.1.3. resulting from pre-existing damage or structural weakness sustained prior to the commencement of the relevant rental period. For the avoidance of doubt, “pre-existing” shall mean any defect or damage existing at any time prior to the effective rental period in which the alleged loss occurs;
· 3.1.4. caused by any prior alteration, modification, extension, cleaning, repair, renovation, restoration, dismantling, assembly, or similar process, whether lawfully carried out or otherwise, as well as loss or damage caused by misuse, negligence, faulty workmanship, or the use of defective or substandard materials;
· 3.1.5. consisting of, or arising from, ordinary wear and tear. For clarity, “wear and tear” shall mean minor and inevitable deterioration occurring through normal and proper use of the item that does not materially impair or prejudice its operation, performance, or intended functionality;
· 3.1.6. where the time and place of the occurrence cannot be reasonably established and evidenced as having arisen strictly during the rental period;
· 3.1.7. sustained by sensitive, delicate, or fragile items (including but not limited to camera lenses, musical instruments, and electronic components) which were not provided with, or protected by, appropriate cases, covers, or protective equipment;
· 3.1.8. resulting from the failure of the Lender or Renter to carry out regular servicing, maintenance, or manufacturer-recommended inspections of the item;
· 3.1.9. to items classified as “vintage,” obsolete, discontinued, or otherwise withdrawn from active commercial circulation;
· 3.1.10. amounting solely to superficial or cosmetic damage that does not materially affect the performance, intended function, or safety of the item, including without limitation minor dents, scratches, abrasions, or discoloration;
· 3.1.11. directly or indirectly attributable to war, hostilities, invasion, act of foreign enemy, terrorism, riot, civil commotion, strike, lock-out, industrial action, epidemic, pandemic, disease outbreak, or any natural catastrophe or Act of God, including but not limited to earthquake, flood, storm, hurricane, cyclone, volcanic eruption, landslide, or other natural disaster;
· 3.1.12. consisting of flat tires, punctures, or damage to pneumatic (soft) tires on electric scooters or other similar vehicles.
3.2. Consequential Loss
No indemnity shall be payable in respect of any loss of income, profits, contractual earnings, or consequential damages, including but not limited to losses arising from late return of items, temporary unavailability of items, or inability to fulfill professional or contractual obligations due to non-functioning equipment.
3.3. Public and Product Liability
No cover shall extend to any liability, obligation, or damages owed to third parties by way of personal injury, death, bodily harm, illness, disease, mental distress, or damage to third-party property caused, arising from, or contributed to by the use or operation of the rented items.
3.4. Excluded Items and Categories
No indemnity shall be provided for claims relating to, or in respect of, the following categories of items:
· immovable property including but not limited to real estate, land, and buildings;
· campervans, caravans, motorhomes, and other vehicles used as accommodation;
· human beings, animals, or live services;
· chemicals, liquids, consumable goods, perishable items, or fuels;
· any item, substance, or equipment reasonably classified, or capable of being classified, as a weapon, firearm, explosive, or hazardous material.
3.5. Items Under Active Claim
No cover shall be provided for items that are rented, hired, or otherwise in circulation while a claim in respect of such items remains pending, unresolved, or under investigation.
3.6. Unauthorised Possession
No cover shall apply in circumstances where the item has been transferred, delivered, loaned, or otherwise handed over to any party other than the verified and authorised Renter, as recorded in the rental agreement.
4. ELIGIBILITY TO CLAIM
4.1. Registered User Requirement
Only a Lender who is a registered and verified user of the Platform shall be eligible to make a claim under this Guarantee. Verification shall include:
(a) for individuals – a valid Emirates ID and proof of residence in the UAE; and
(b) for corporate entities – a valid Trade License issued by the competent UAE authority, together with authorized signatory verification.
4.2. Proof of Ownership
The Lender must establish lawful ownership of the Item at the time of the claim by providing one or more of the following documents:
(a) original purchase invoice or receipt;
(b) valid manufacturer’s or retailer’s warranty card;
(c) import/export or customs documentation (where applicable); or
(d) notarised declaration of ownership in accordance with UAE law.
4.3. Good Standing
The Lender must not have any prior record of fraud, dishonesty, or misconduct under UAE law or any prior suspension/termination from the Platform.
4.4. Claim Frequency
A Lender may not submit more than two (2) fully approved claims per user account within any rolling thirty-six (36) month period. Partial claims are included in this count.
4.5. Valid Rental Transaction
The Item must have been:
(a) properly handed over by the Lender to the Renter verified on the Platform;
(b) in working and serviceable condition at the time of handover; and
(c) recorded in the Platform’s system with proof of delivery/acceptance (such as handover confirmation or digital acknowledgment).
4.6. Timely Notification
The Lender must notify Peermate of the claim within forty-eight (48) hours of discovering the loss or damage. Failure to notify within the prescribed timeframe shall render the claim ineligible and lender must bear the cost of repairing and replacement if fails to without reasonable explanation subject to final acceptance of the Peermate.
5. CLAIMS AND PAYMENT
5.1. Compensation Principles
Peermate shall indemnify the Lender, subject to the terms of this Guarantee, for the lower of:
(a) the reasonable and documented repair cost of the Item;
(b) the replacement value of the Item in the UAE retail market at the time of the claim; or
(c) the original purchase price less applicable depreciation.
5.2. Depreciation Rules
Depreciation shall be applied at a standard rate of twenty percent (20%) of the purchase price per completed year from the date of purchase, unless the Claims Team determines a different depreciation rate based on prevailing market conditions or specific product category (e.g., high-depreciation electronics).
5.3. Independent Assessment
The Claims Team reserves the right to appoint an independent third-party assessor, repairer, or valuer licensed in the UAE to evaluate the extent of loss or damage. The assessor’s report shall be binding for purposes of determining the payable amount.
5.4. Exhaustion of Renter Liability
No claim shall be processed or paid until Peermate has first taken reasonable steps to seek recovery or compensation from the responsible Renter. Any amounts recovered from the Renter shall be deducted from the compensation payable to the Lender.
5.5. Payment Method and Timeline
Once approved, compensation shall be paid directly to the Lender’s registered UAE bank account within thirty (30) business days of final claim approval, subject to submission of all required documents and execution of a release form discharging Peermate from further liability in respect of the Item.
5.6. Subrogation Rights
Upon settlement of any claim, Peermate shall be subrogated to all rights of the Lender against the Renter or any third party responsible for the loss or damage. The Lender shall cooperate fully with Peermate in enforcing such rights.
6. PROCEDURAL STEPS FOR CLAIM FILING
6.1. Notice of Claim
The Lender must notify Peermate in writing of any loss, theft, or damage within forty-eight (48) hours of discovery. Notification shall be made via the Platform’s designated claims portal or by email to the official claims address communicated by Peermate.
6.2. Submission of Documentation
Within seven (7) calendar days of filing the initial notice, the Lender shall submit all supporting documentation, including but not limited to:
(a) proof of ownership (invoice, receipt, warranty, or notarised declaration);
(b) rental confirmation from the Platform system;
(c) photographs or video evidence of the damage (where applicable);
(d) a copy of the UAE police report (mandatory in cases of theft, malicious damage, or suspected fraud); and
(e) any additional documents reasonably requested by Peermate to substantiate the claim. [COMMENT: Clarify this term. Suggest requiring evidence or a police report.]
6.3. Inspection and Verification
Peermate, or its appointed assessor, may conduct a physical inspection of the Item or request the Lender to submit the Item to an authorized repair center for evaluation. The Lender must cooperate fully in facilitating such inspection.
6.4. Assessment and Determination
The Claims Team shall review the evidence, assessment reports, and documentation submitted. Peermate shall issue a written determination within twenty-one (21) business days of receipt of complete documentation, stating whether the claim is:
(a) approved in full;
(b) partially approved, with justification; or
(c) rejected, with reasons provided.
6.5. Payment of Approved Claims
Once a claim is approved, Peermate shall process payment in accordance with Clause 5.5. The Lender shall execute a Release and Discharge Form in favor of Peermate prior to disbursement of funds.
6.6. Right of Appeal
If a claim is rejected or partially approved, the Lender may file a written appeal within fifteen (15) business days of receiving the determination, submitting any additional evidence. The appeal shall be reviewed by a senior officer of Peermate, whose decision shall be final and binding to the extent permitted by UAE law.
6.7. Fraudulent or Misleading Claims
If any claim is found to be fraudulent, exaggerated, or supported by falsified documentation, Peermate shall :
(a) reject the claim in its entirety;
(b) permanently bar the Lender from further claims under this Guarantee;
(c) terminate the Lender’s access to the Platform; and
(d) refer the matter to the competent UAE authorities for legal action under applicable criminal and civil laws.
7. OWNER OBLIGATIONS
7.1. Reporting to Authorities
In the event of theft or suspected criminal activity, the Owner must file a complaint with the competent UAE Police authority within twenty-four (24) hours of discovering the incident. A certified copy of the official police report must be submitted to Peermate as part of the claim documentation.
7.2. Notification to Peermate
The Owner must notify Peermate in writing, via the Platform’s designated claims channel, within twenty-four (24) hours of rental completion (or discovery of loss/damage if earlier) of any incident giving rise to a potential claim. Delay in notification may result in rejection of the claim.
7.3. Provision of Supporting Evidence
The Owner shall provide all supporting documents requested by Peermate, which shall include, without limitation:
(a) proof of lawful ownership (invoice, receipt, warranty, or notarised declaration);
(b) clear photographs or videos of the Item taken within twenty-four (24) hours immediately before and immediately after the rental period, evidencing its condition;
(c) product identifiers such as brand, model, and serial number where applicable; and
(d) any police reports, witness statements, or other corroborating evidence required by Peermate or competent UAE authorities.
7.4. Cooperation and Recovery
The Owner shall fully cooperate with Peermate during the investigation and settlement of any claim, including:
(a) assisting Peermate in pursuing recovery actions against the responsible Renter or any liable third party;
(b) providing testimony, documents, or access to relevant information upon request; and
(c) refraining from making any private settlement with the Renter without the prior written consent of Peermate.
7.5. Submission Timeline
All required claim documents and evidence must be submitted by the Owner within ninety (90) days of initiating the claim. Failure to provide complete documentation within this timeframe shall result in automatic closure of the claim and release of Peermate from all liability in respect thereof.
7.6. Duty of Care
The Owner must take all reasonable steps to safeguard the Item during handover, including proper packaging, protective casing, and accurate instructions for use. Failure to exercise reasonable care may limit or exclude compensation under this Guarantee.
8. RENTER OBLIGATIONS
8.1. Verified Account Requirement
The Renter must be a duly registered and verified user of the Platform, having completed all identity verification steps required by Peermate, including provision of a valid Emirates ID (for individuals) or Trade License (for corporate Renters).
8.2. Lawful Use of Item
The Renter shall:
(a) use the Item only for its intended purpose and in a lawful manner under UAE law;
(b) refrain from subleasing, transferring, or allowing third parties to use the Item without the prior written consent of the Owner and Peermate; and
(c) ensure the Item is operated in accordance with manufacturer’s instructions, safety standards, and applicable laws/regulations.
8.3. Duty of Care
The Renter must exercise reasonable care, skill, and diligence in handling the Item during the rental period, including:
(a) ensuring proper storage and protection against theft, fire, water damage, or environmental exposure;
(b) using protective cases, covers, or accessories where applicable; and
(c) immediately reporting any malfunction, defect, or damage to the Owner and Peermate.
8.4. Return of Item
The Renter shall:
(a) return the Item to the Owner in the same condition as received, ordinary wear and tear excepted;
(b) return the Item at the agreed location and within the agreed timeframe specified in the rental agreement; and
(c) provide digital or physical confirmation of return through the Platform to validate completion of the rental.
8.5. Notification of Incidents
In the event of theft, loss, or damage, the Renter shall:
(a) immediately notify the Owner and Peermate within twelve (12) hours of the incident;
(b) file a report with the competent UAE Police authority where required by law or upon request from Peermate; and
(c) cooperate fully in the investigation and resolution of any claim.
9. SUBROGATION AND INSURANCE
9.1. Secondary Guarantee
This Guarantee operates as a secondary measure to any existing insurance coverage held by the Owner. Peermate shall only provide indemnification to the extent that loss, theft, or damage is not recoverable under the Owner’s primary insurance.
9.2. Mandatory Insurance Recovery
Before submitting a claim under this Guarantee, the Owner must first make reasonable efforts to seek recovery from any applicable insurance policies. Proof of denial, partial payment, or non-applicability from the insurer must be submitted to Peermate as part of the claim documentation.
9.3. Right of Subrogation
Upon payment of any claim under this Guarantee, Peermate shall be subrogated to all rights of the Owner to pursue recovery from the Renter or any third party responsible for the loss or damage. The Owner shall fully cooperate with Peermate in enforcing such rights, including providing testimony, documents, or access to evidence.
9.4. No Double Recovery
The Owner shall not recover any amounts under this Guarantee that have already been reimbursed under an insurance policy or any other indemnity arrangement. Any duplicate recovery attempts shall be null and void.
10. LIMITATION OF LIABILITY
10.1. Maximum Liability
Peermate’s maximum liability under this Guarantee is as stated in Clause 2.2.
10.2. Exclusion of Indirect Losses
Peermate shall not be liable for any indirect, incidental, special, or consequential losses, including but not limited to loss of income, business opportunity, goodwill, or reputation.
10.3. No Limitation for Misconduct
Nothing in this Guarantee shall limit or exclude Peermate’s liability for:
(a) fraud, intentional misrepresentation, or deceit;
(b) wilful misconduct; or
(c) gross negligence as determined under UAE law.
10.4. Compliance with Law
Peermate’s obligations under this Guarantee are subject to compliance with applicable UAE laws, regulations, and directives
11. GOVERNING LAW AND JURISDICTION
11.1. Governing Law
This Guarantee shall be governed by, and construed in accordance with, the laws of the United Arab Emirates.
11.2. Jurisdiction
Any dispute, controversy, or claim arising out of or relating to this Guarantee shall be subject to the exclusive jurisdiction of the Dubai Courts, unless Peermate elects, at its sole discretion, to refer the dispute to:
(a) the Dubai International Financial Centre (DIFC) Courts; or
(b) arbitration administered under the Dubai International Arbitration Centre (DIAC) Rules.
11.3. Arbitration Procedure
Where arbitration is elected, the seat of arbitration shall be Dubai, UAE, the language of arbitration shall be English, and the arbitral award shall be final, binding, and enforceable in the UAE and any jurisdiction where enforcement is sought.
