We offer lenders a chance to get coverage for pretty much every situation where a borrower does not cooperate with us in reimbursing damages, including a borrower not returning a device.

Please note that normal, small wear and tear is not covered.

Check out the full details of the insurance solution here.

We’ll be contacting you immediately in the unlikely case of an accident occurring to your gear.

We will first settle with the borrower to cover for damages. In case the borrower is not cooperating with us, their security deposit is not sufficient in covering the damage, and we’re unable to charge their payment method, we’ll help you submit an insurance claim.

We will actively communicate with you and keep you informed at all times throughout the process. Our aim is to find the best possible solution fast, whether that’s getting your device repaired, replacing it with a new one, or reimbursing you.

We have a penalty fee system in place to avoid borrowers not returning devices on time. Besides charging fees, we will take control of the situation and do our utmost to cooperate with the borrower in order for us to be able to return the device to you asap.

If a return deadline is missed, we’ll be automatically charging the borrower’s payment method on file for a penalty fee, which includes both the lender and Synth Swap being reimbursed for the inconvenience of a late return. We will obviously also freeze the borrower’s security deposit until the device has been returned.

Security deposits are charged automatically as part of any rental event on Synth Swap. By default, we charge a minimum of 10% of the value of the device as a security deposit.

Borrowers see the deposit amount clearly when looking at device details, and in the shopping cart.

Deposits are fully refundable once a device has been returned and inspected. In case of any problems, we might withhold a deposit in full or partially.

You can find the specifics of when and why we might hold a deposit from our Service Terms.

We highly recommend borrowers to have a personal liability insurance in place. These are inexpensive insurance policies that cover you for most nasty situations where you might be personally liable to pay for damages. More than 80% of German homes have a liability insurance in place (source).

We recommend Getsafe. The link is an affiliate link so if you sign up through that, you’re also helping us besides getting yourself covered :)