Announcing the Open Shed Guarantee
Here at Open Shed we want to help to break down the barriers that prevent Australians from sharing more often. We know one of those barriers is concerns around damage and non return. So we are really excited announce the rollout of the Open Shed guarantee.
Now, the items you list are safer than ever before! Under the Open Shed guarantee Open Shed will pay to repair or replace an item (up to the value of $1000) if something unfortunate happens to your item during an Open Shed rental.
How does the Open Shed Guarantee work?
Part of listing an item on Open Shed now also includes specifying a coverage amount for that item. Every time a new item is listed, the owner is required to nominate how much they wish to be covered under the Open Shed Guarantee.
When the item is rented by another Open Shed member, the owner will pay a small coverage fee (0.5% of the amount they want to be covered per day or 1.6% per week). This amount will be deducted from the rental fee before it is transferred into the Owners account.
Does this replace the bond?
No. There will still be a bond and renters will continue to pay the bond amount if something happens while the item is in their care. However, to simplify things for all our members, the bond will now be set at 20% of the amount the owner has nominated as the coverage amount.
We’ve chosen to do this to make things easier to calculate, but to also create a safe environment for Open Shed owners that doesn’t result in bonds that deter renters from renting an item.
If the damage bill is more than the bond, an owner just needs to provide a receipt to Open Shed and we will reimburse the money paid up to the coverage amount nominated.
Between now and Friday 12 July we are transitioning between the existing arrangements and the Open Shed guarantee process. If you are an Open Shed owner you should have already received an email from us setting out the transition steps.
As always, if you have any questions or need any extra assistance, contact the Open Shed team via 1300 953 534 or [email protected].
Happy Shedding!