Peerspace Property Damage Guarantee Terms
Last Updated: April 17, 2023
The Peerspace Property Damage Guarantee (the “Guarantee”), as described in these Peerspace Property Damage Guarantee Terms (these “Guarantee Terms”), was created to offer Hosts in the United States a sense of security and peace of mind when renting out their Spaces. We understand that accidents can happen and damage to property is a possibility when hosting Events. Under the Guarantee, Peerspace will ensure a Guest’s payment obligation to an eligible Host who chooses to receive such benefit for certain covered property damages when a Guest fails to pay them in full. Our goal with the Guarantee is to enhance peace of mind and provide a more reliable, trustworthy hosting experience. The Guarantee is not applicable to Hosts or Bookings taking place outside of the United States as of the “Last Updated” date listed at the top of this document.
By participating in the Guarantee, a Host is bound by these Guarantee Terms and indicates its agreement to them in their entirety. A Host cannot participate in the Guarantee if it does not agree to and does not abide by these Guarantee Terms in their entirety or if doing so would violate any applicable law or regulation. These Guarantee Terms are incorporated in, part of and subject to the Peerspace Services Agreement, and any capitalized term used but not defined in these Guarantee Terms shall have the meaning given to it in the Peerspace Services Agreement. As used in these Guarantee Terms, “you” and “your” means a Host. As described in these Guarantee Terms, Peerspace Hosts have protection for Bookings that have been transacted through the Peerspace Platform and that adhere to the Peerspace Services Agreement and supporting policies, including these Guarantee Terms and our Community Guidelines, Fees Overview, and Cancellation Policy. Bookings made outside of the Peerspace Platform are in violation of the Peerspace Services Agreement and these Guarantee Terms, and thus will not qualify for the Guarantee. As a result, we strongly recommend that Hosts keep all messaging and transactions solely through the Peerspace Platform for Hosts’ safety, support, and protection.
These Guarantee Terms outline how the Guarantee will be governed. We encourage you to read these Guarantee Terms and the Peerspace Services Agreement carefully to understand how the Guarantee works and to contact us with any questions or concerns you may have. FOR THE AVOIDANCE OF DOUBT, THE GUARANTEE DOES NOT CONSTITUTE AN INSURANCE POLICY OF ANY KIND OR A REPLACEMENT OR SUBSTITUTE FOR INSURANCE, AND DOES NOT ELIMINATE OR REDUCE YOUR OBLIGATION TO MAINTAIN INSURANCE AS PROVIDED IN THE PEERSPACE SERVICES AGREEMENT.
GUARANTEE GENERAL OVERVIEW
Subject to the limitations and exclusions described in these Guarantee Terms, the Guarantee is designed to protect Hosts in the United States and their property by guaranteeing payment for certain damages caused during a Booking by Guests or their Attendees for which Guests are responsible, as long as you abide by the terms of the Peerspace Services Agreement and these Guarantee Terms. This means that you will not be responsible for any outstanding debts or liabilities owed to you by Guests due to certain property damage that occurs during a Booking, unless the damage is subject to the limitations and/or exclusions described in these Guarantee Terms.
ITEMS PROTECTED UNDER THE GUARANTEE
Subject to the below, the Guarantee provides protection solely for physical damage to or destruction of or loss of use of any tangible property owned by you and located in the Space in which the Booking occurs (the “Booked Space”) caused by a Guest or its Attendees during the Booking (“Property Damage”), which property includes personal property as well as the alterations, appliances, fixtures, and improvements that are contained amongst the physical premises of the Booked Space (all such property, collectively, “Covered Property”). However, the Guarantee does not apply to any real property or land, including the land where the Booked Space or other related structures are located.
ITEMS NOT PROTECTED UNDER THE GUARANTEE
Notwithstanding anything to the contrary contained in these Guarantee Terms, the Guarantee does not provide protection for, or apply in respect of, (i) Property Damage directly or indirectly caused by, relating to, or resulting from any of the following actions, events, or causes, or (ii) the following types of property and/or damages. These exclusions shall apply even if other actions, events, or causes related to a Guest also contributed to the damage, and regardless of the extent of the damage:
Excluded Actions, Events, and Causes
Ordinary wear and tear; marring; deterioration; depletion; inherent vice; latent defect; faulty workmanship; mechanical or electrical breakdown; refurbishment or renovation; rust; corrosion or erosion; mold; mildew; fungus; spores; virus; bacterium; other microorganisms of any type; wet or dry rot; changes of temperature or relative humidity; contamination; smog; smoke from agricultural smudging or industrial operations; birds, vermin, rodents, insects or domestic animals
Smoking or vaping
Gross negligence or criminal acts caused by a Guest or an Attendee
Any Property Damage caused by a Guest or its Attendees after the expiration of the Booking period shown in the applicable Listing or Booking Agreement
Enforcement of any ordinance or law
Your neglect to use all reasonable means to save and preserve property at and after the time when the Property Damage has occurred
Any Property Damage arising out of any act that you commit or conspire to commit with the intent to cause Property Damage
Any dishonest act committed by you or any persons or entities retained by you to do anything in connection with the Booked Space
Acts of nature, including, but not limited to, earthquakes and weather-related events such as hurricanes and tornadoes
Excessive use of electricity, gas, fuel, water, or other utilities provided for the Booked Space;
Contraband, or illegal transportation or trade
Indirect or remote causes
Lack of electricity, fuel, water, gas, steam, refrigerant, sewerage, telephone, or internet services due to external factors
Any hostile act or act of war, terrorism, insurrection, or rebellion
Actual or threatened malicious use of poisonous biological or chemical weapons
Nuclear reaction or radiation or radioactive contamination
Seizure or destruction under quarantine or custom regulation; or confiscation by order of any governmental or public authority
Excluded Property and Damages
Firearms and related equipment
Animals, birds, or fish
Property belonging to a Guest or its Attendees
Motor vehicles or their accessories, equipment, and parts
Credit cards, electronic fund transfer cards, or access devices used only for depositing, withdrawing, or transferring money, bank notes, bullion, gold, securities, accounts, deeds, evidences of debt, letters of credit, or notes
All types of watercraft, including their trailers, furnishings, equipment, and outboard engines or motors
Aircraft, hovercraft or their parts
Silverware, silver-plated ware, goldware, gold-plated ware, platinumware, platinum-plated ware, and pewterware
For other valuables and fine arts, any Property Damage if such other valuables and fine arts cannot be replaced with other like kind and quality, and any Property Damage from any repairing, restoration, or retouching process
Damages arising out of the loss of, loss of use of, damage to, corruption of, inability to access, or inability to manipulate, any and all Electronic Data. As used in these Guarantee Terms, (i) “Electronic Data” means information, facts or programs, stored as or on, created or used on, or transmitted to or from, any Electronic Media, and (ii) “Electronic Media” means computer software, including systems and applications software, hard or floppy disks, CD-ROMS, USB keys, tapes, drives, cells, data processing devices or any other media which are used with electronically controlled equipment
Mysterious disappearance, loss, or shortage disclosed on taking inventory, or any unexplained loss of inventory
GUARANTEE LIMITS, SETTLEMENT AND DETERMINATION GUIDELINES
The Guarantee is subject to the following limits and minimums:
Maximum payment amount for any Booking: $USD25,000.
Maximum payment amount for any one item of Covered Property: $USD7,500.
Minimum amount of any Reimbursement Request: $USD100.
Subject to the limitations and exclusions described in these Guarantee Terms, we will handle the determination of any payments to be made to you by us under the Guarantee in the following ways (any such payments, the “Guarantee Liabilities”):
With respect to Property Damage to your Covered Property that constitutes personal property, we will pay for the actual cost of repair or replacement at the time of the Property Damage, up to the amount needed for repair or replacement.
With respect to Property Damage to your Covered Property that constitutes your Space, we will pay for either of the following:
The actual cost of repair or replacement for Property Damage that is repaired or replaced within a reasonable timeframe; or
The actual cash value, but not more than the amount required for repair or replacement, for Property Damage that is not repaired or replaced within a reasonable timeframe.
In our evaluation of the cost of repair, we will only pay for the cost of materials that are similar in quality to the Covered Property's evaluated condition prior to the Property Damage, and will value the replacement cost accordingly.
Upon your receipt of the Guarantee Liabilities, you hereby waive any and all claims against Peerspace for further damages or payment of any kind under the Guarantee.
Each payment of Guarantee Liabilities will be subject to a reduction of $USD100, the equivalent of any minimum Reimbursement Request.
Determination of the Amount of Guarantee Liability
The Guarantee and the determination of the amount of the Guarantee Liabilities are further subject to the following:
The amount of any Guarantee Liabilities payable by us under the Guarantee will be reduced by any amount(s) already paid to you in connection with the Property Damage that is the basis for such Guarantee Liabilities by a Guest (through a security deposit, service agreement (including a Booking Agreement) or otherwise), an Attendee or other source (such as an insurer, guarantor or other responsible party).
The amount of any Guarantee Liabilities payable by us under the Guarantee will not exceed the amount which would otherwise be recoverable by you, as Host, from the Guest and/or Attendees.
Recovered Property: If you or we recover any Covered Property for which we have made payment under the Guarantee, you or we will notify the other of the recovery. At your option, the Covered Property will be returned to or retained by you or it will become our property. If the recovered Covered Property is returned to or retained by you, the amount of the Guest’s liability to you, which we have guaranteed under the Guarantee, will be adjusted based on the amount you received for the recovered Covered Property.
Property Damage To A Pair Or Set Of Items: In case of Property Damage to one or more items within a pair or set of items, we may elect to:
Repair or replace any part to restore the pair or set to its value before the Property Damage occurred; or
Pay the difference between the actual cash value of the Covered Property before and after the Property Damage occurred.
The Guarantee does not apply to any person or entity holding, storing, or moving property for a fee, regardless of any other provision to the contrary in these Guarantee Terms.
Submitting a Covered Property Damage Reimbursement Request: Your Responsibilities
As used in these Guarantee Terms, “Reimbursement Request” means your true, correct, and complete submission of a request for payment for Property Damage, which shall include documentation and evidence of the Property Damage. In order to successfully submit a request for payment under the Guarantee, you must fully and promptly comply with each of the following conditions. Peerspace may decline your Reimbursement Request or disqualify you from participating in the Guarantee if you fail to comply with any of these conditions:
Provide the Reimbursement Request to us or our designated representative within 14 days of the conclusion of the Booking during which the Property Damage occurred;
If applicable, file a report with police or law enforcement in the event of criminal activity;
Protect your property from further damage following an initial incident (multiple Reimbursement Requests for the same item(s) submitted with respect to more than two different Bookings will result in the exclusion of such item(s) under the Guarantee);
If repairs to the Covered Property are required, you must:
Make reasonable and necessary repairs to protect the Covered Property; and
Keep an accurate record of repair expenses;
Cooperate with us or our representatives in the investigation of a Reimbursement Request under the Guarantee, including by responding in a timely fashion to any follow-up questions or requests for further documentation or information;
Prepare a list of damaged Covered Property showing the quantity, description, actual cash value, and amount of loss (the “Damaged Covered Property List”). Attach all bills, receipts and related documents that justify such information;
Throughout the investigation of your Reimbursement Request, we may require you to:
Show the damaged Covered Property to us or our representatives; and/or
Provide us or our representatives with records and documents upon request and allow us or them to make copies;
Allow us or our representatives to inspect your Covered Property as often as we reasonably require following your Reimbursement Request submission;
If necessary, send to us, within 14 days after our request, your signed, sworn proof of loss which sets forth, to the best of your knowledge and belief:
The time and cause of the Property Damage;
The interests of you and all others in the Covered Property involved and all liens on the Covered Property;
Other protection which may cover the loss;
Changes in title or occupancy of the Covered Property while the Guarantee has been in place;
Specifications of the Property Damage to the booked Covered Property and detailed repair estimates; and
The Damaged Covered Property List; and
Comply with any other actions reasonably requested by us or our representatives in order to substantiate your Reimbursement Request.
If you and the Guest agree on direct reimbursement for the Property Damage at any time following the submission of a Reimbursement Request, Peerspace may facilitate payment of the reimbursement from the Guest and remit it to you. In such event, the Reimbursement Request will be deemed satisfied, and no further payment will be made from Peerspace to you under the terms of the Guarantee.
Guarantee Payment Terms
We will review your Reimbursement Request in consideration of any payment determinations that we make under the Guarantee. We will pay you unless some other person is named in the Guarantee to receive payment. While we will use commercially reasonable efforts to make all payments under the Guarantee in a reasonable timeframe, all payments will be made no more than 60 days after we determine the appropriate final amount of the Guarantee Liabilities. All of our determinations made in connection with the Guarantee, including but not limited to a Host’s eligibility to participate in the Guarantee, the amount of any Guarantee Liabilities, and whether any payment shall be made hereunder, are final and binding on you.
The Guarantee only applies to the time duration and conditions specified in the Booking made between you and the Guest.
Concealment Or Fraud, Host Violations
The Guarantee does not apply if, whether before or after a loss, you have (i) intentionally concealed or misrepresented any fact or circumstance, (ii) engaged in fraudulent conduct, or (iii) made false statements, in each case, which relate in any way to our obligations under the Guarantee. Peerspace takes these actions very seriously and may suspend or permanently disqualify a Host from participating in the Guarantee, suspend or permanently terminate a Host’s accounts, assess fines, and/or take any other actions permitted or required by applicable law, including cooperating with local authorities in enforcement and prosecution matters, where it finds or suspects that a Host has concealed, misrepresented, or engaged in fraudulent conduct in connection with a Reimbursement Request under the Guarantee, or has otherwise violated the Peerspace Services Agreement or these Guarantee Terms.
Amendments, Waivers, Or Change Of Guarantee Provisions
We may make updates, amendments, or modifications to the Guarantee (including to any of these Guarantee Terms) at any time and for any reason with notice to you in accordance with the Peerspace Services Agreement, Section 5.5 (“Right to Amend”). Continuing to participate in the Guarantee will constitute a Host’s consent to any updates, amendments, or modifications to the Guarantee (including to any of these Guarantee Terms). Any waiver or change of a provision in the Guarantee made to you must be in writing by us to be valid.
Assignment of a Host’s rights or benefits in connection with the Guarantee will not be valid unless we give our prior written consent.
We may terminate or suspend the Guarantee at any time and for any reason by delivering to you written notice (including via email) stating when the termination or suspension shall be effective. The Guarantee shall terminate or be suspended at the date and hour specified in such notice.