Lender School, part 3 of 3

Here we go through information about our security system, the insurance included, and how you as a lender can handle unusual situations that may sometimes arise.

By being service-oriented, friendly, and helpful, you increase your chances of getting good reviews from renters – and thereby also the chance that they return the next time they need to rent. We see that satisfied renters often rent again from the same lender, and good reviews are optimal for attracting new renters, as they create trust.

The Security System – How It Works

To ensure the platform is as safe as possible, we have a security system in place that protects our users.

It begins with registration via MitID. This means we can be sure that the person renting is who they claim to be.
When registering, users must provide correct contact information, email, and phone number. If you encounter a renter with missing or incorrect details, you should contact us.
If you get a bad gut feeling when communicating with a potential renter, you can always contact us – and you have the right to reject a request if it doesn’t feel right.
We perform a credit check on everyone who wants to rent. Since the value of the items rented is often higher than the rental price, the credit check is an important part of our security. The most common reason for blocking renters is failing this credit check.
The process is automatic, but in some cases, we do a manual review. For example, a person with a blocked CPR number may be prevented from renting even if there’s no real issue – in such cases, we can perform a manual credit evaluation.
We also carry out manual screenings and monitor activity on the platform.

A category we’ve focused on in particular is drones, since they are prone to damage. That’s why we’ve raised the minimum rental age – you must now be at least 25 years old to rent a drone via Hygglo.

As a lender, you also contribute to security by always leaving a review when a rental is completed.

Insurance

You can find the full insurance terms [here]. We recommend familiarizing yourself with them so you know what’s covered and whether you may need additional insurance.

In short:

Our all-risk insurance covers damage and loss of most items rented via Hygglo.
Compensation cap: 30,000 DKK. If you rent out something more valuable, you need your own insurance.
Our insurance covers your deductible up to 10,000 DKK.
Motorized vehicles and trailers have a deductible of 1,500 DKK, paid by the renter.
Boats and motorhomes/caravans are only covered for deductible elimination (up to 10,000 DKK).

Frequently Asked Questions:

How is a damaged item assessed?
Based on market value (age, wear, etc.). It may be used price, new price, or an expert valuation.
What is negligence?
Damages caused by careless behavior are not covered. For example, forgetting a camera on the subway or filling with the wrong fuel. Deliberate actions are never covered.
Wear or damage?
Insurance covers sudden damage/loss, but not normal wear and tear. Wear is considered something rental income should cover.
If in doubt, you can always contact us.

Renter Gets Sick

If a renter becomes ill and cannot proceed with the rental as planned, the normal cancellation rules apply, even if it’s too late for a refund. However, we recommend that you as the lender try to find a solution – e.g., moving the rental to a later date. Once you’ve agreed on a new date, contact support so we can update the booking.

If you don’t find a solution, many lenders choose to cancel and issue a full refund. This builds trust and increases the likelihood that the renter will return once they’ve recovered.

Cancellations

If a renter cancels, the cancellation rules apply – they determine how much the renter is refunded and how much you receive.
If you cancel, the renter is always entitled to a 100% refund.
If the product doesn’t work, you must offer immediate return and a full refund. You must cancel the rental in the system (not mark it as returned), otherwise you won’t be able to refund later.

Include Fixed Fees in the Rental Price

Before payment, you can update the price to include fixed fees (e.g., extra equipment, unlimited mileage for a fee, etc.). This makes payment easier for the renter and provides one total receipt amount.

Variable costs (e.g., extra mileage, fuel, consumables) should be settled directly between you and the renter upon return, since we don’t currently have a good solution for post-payments.