Who actually owns the bike? What happens if it is stolen?
The bike and goods remain the property of Durham University until the hire period finishes. At the end of the hire period you may be given the opportunity to buy the bike for a fair market value payment. However, during the hire period, if the bike gets stolen you will be liable for any outstanding monies (without any tax exemptions), so it’s very important to make sure the bike is insured. You can obtain safety equipment, including Home Office-approved ‘Sold Secure’ D-locks and cable locks, as part of the scheme.
The bike and goods remain the property of your employer until the hire period finishes, unless your employer uses finance; in this case the finance company will own the bikes during the hire period. At the end of the hire period you may be given the opportunity to buy the bike for a fair market value payment. If the bike gets stolen you will be liable for any outstanding monies without any tax exemptions, so it’s very important to make sure the bike is insured. You can obtain safety equipment, including Home Office-approved ‘Sold Secure’ D-locks and cable locks, as part of the scheme.
