One gotcha
One issue to be concerned about if you are signing a hold harmeless, or for the other guy to worry about if he is signing one, is that it may void the signee's insurance coverage.
A hold harmless basically says "I agree not to hold you responsible, even if you cause damage my airplane (or otherwise cause me loss)."
That's fine - but if you then ask your insurer to pay for the damage, you have also signed away their right to recover from a negligent third party. Your policy says that, if you do that, then the insurer does not have to pay your claim. Everyone pull your insurance policy out and read (re-read?
) the section on "Subrogation."
Many insurers can be made to understand that certain hangar agreements are between individuals that are not otherwise in the business of renting hangars. If that's the case, then each tenant needs to submit the hold harmless agreement to their agent (who will in turn submit to the insurer) and try to have the insurer grant a waiver of the rights of subrogation against the party that you are holding harmless. This needs to be done BEFORE you sign.
Some companies won't do it - they fell like if a person is renting a hangar they should take responsibility for any damage they cause - and insure against it with a ground liability policy, if they desire. I'm not sure that the companies that insure most RV's - Global Aerospace and AIG - will agree to a waiver of subrogation for a hangar lessor. I'll try to check today and update this thread.
Wayne - I notice you are in Canada. The principles are the same, but the rules may differ slightly.