Everything listed on Quupe is insured up to a value of $10,000. That means each item you list on Quupe is covered up to its full resale value, provided that’s below $10,000. If the value of your item is above $10,000, you can get in touch at [email protected] to see if we can cover it under particular circumstances. See below for details like how insurance coverage increases with successful transactions.
Please note, we do not insure items or transactions that:
I. Are valued over $10,000.
II. Are being lent out at no cost (for more information on items posted for free exchange on Quupe, contact us).
III. Are taking place outside of Canada.
IV. Are not paid for, or were not completed through Quupe.
To be eligible for our Quupe insurance guarantee, you must be able to truthfully answer Yes to all of the following statements:
- I have never been convicted of, or charged with, any offence besides driving offences.
- I have never been subject to bankruptcy proceedings or a court judgment.
- I have never had insurance cancelled, refused, or declined, nor have I had any special terms imposed.
- I have not made more than two insurance claims in the past five years or more than one claim in the past ten months.
For more details about these requirements, please contact us directly at [email protected].
Borrowers can pay to be covered under our insurance through our site if you would like to insure a transaction against accidental damage or theft. You are also welcome to take out additional insurance through another company.
The borrower is fully responsible for an item while in their possession. So if it gets stolen, broken, lost or confiscated during this time, they will have to bear the cost of rectifying the problem — unless they have paid for additional insurance through Quupe, which is detailed below.
- Insurance coverage will be up to 30% (max $200) of the resale value of the transactional item for first-time insurance users. If the insurance paid for the item is more than $200 then that exact amount will be covered, plus 10% of the resale value of the transaction item.
- Insurance coverage will be up to 50% (max $500) of the resale value of the transactional item for second-time insurance users. If the insurance paid for the item is more than $500 then that exact amount will be covered, plus 10% of the resale value of the transaction item.
- Insurance coverage will be up to 90% (max $1000) of the resale value of the transactional item for third-time insurance users. If the insurance paid for the item is more than $1000 then that exact amount will be covered, plus 10% of the resale value of the transaction item.
- Insurance coverage will be up to 100% of the resale value of the transactional item for fourth-time insurance users. This gives our borrowers full insurance coverage.
- If a borrower has an insurance claim, their insurance account will default back to first-time insurance settings. Meaning, the borrower will have to build their insurance account again.
First time lenders outside of BC will have insurance coverage up to 50% (max $500) of the resale value of the transactional item.
Insurance coverage will be up to 100% of the resale value of the transactional item for second-time lenders. This gives our lenders full insurance coverage.
If you are a business owner using Quupe for business income, and you already have your own commercial insurance, you will need to file a claim on your existing insurance before you can file a claim through the Quupe insurance. If your existing commercial insurance can’t or won’t cover it, or your claim is rejected for any reason, please get in touch with us to initiate a claim on the Quupe insurance.
Our insurance does not cover personal liability.
This means that we don’t cover any injury or damage that might happen to any person or their property if your item breaks, is inoperable, or is in suboptimal condition. We don’t cover any costs incurred as a result of an item malfunctioning, including but not limited to: legal costs, medical bills, loss of earnings (for yourself or others), replacement or repair of damaged property.
If you have any questions, feel free to message us using the icon in the bottom right corner or by contacting us at [email protected].