Similar to the program its peer-to-peer equipment rental competitor ShareGrid implemented, KitSplit has expanded its insurance cover for equipment owners. Gear that is rented out via the platform is now also covered for theft by the renter, in addition to previous coverage which included damage, loss and theft from the renter.

KitSplit's new owner's guarantee does not come at any additional cost and is overall very similar to rival ShareGrid's. It does, however, come with a 20 percent deductible which isn't the case for ShareGrid.

‘The trust of our community and the safety of their gear is of utmost importance to us. With the Owner Guarantee, and our improved vetting, we are excited to give our owners even more peace of mind, ” said Lisbeth Kaufman, CEO and co-founder of KitSplit. ‘Trust has been a focus of ours from day one, and we’re excited to build the safest way to rent cameras in the industry.’

Previously theft by the renter, or ‘voluntary parting’ as it is called in the industry, was excluded from coverage which according to KitSplit is industry standard. KitSplit says that in the past voluntary parting on KitSplit has been very rare at about one case in 5000 rental transactions. Still, when it happened the consequences for equipment owners could be very painful.

In addition to the expanded insurance coverage, the company uses a proprietary 40 point risk vetting system to ensure only trustworthy professionals can offer and rent equipment on the platform. You can find more information on the KitSplit website.