This depends on whether you provide your own insurance, or use the protection offered by FriendWithA.
Damage and Theft Protection from FriendWithA:
Currently FriendWithA offers damage and theft protection for equipment valued up to $10,000.
Bring your own insurance:
If you have insured your equipment through another carrier, you will need to provide a certificate of insurance from them. You will need to verify exactly what coverage they provide whether it's damage or theft.