A rental waiver does two jobs at once
Every other waiver covers a participant. A rental waiver covers a participant and an asset. It has to release liability for use of the equipment and establish who pays when the equipment comes back damaged, late, or not at all.
Those are separate clauses with separate consequences, and blurring them is the most common mistake in rental paperwork. The release addresses injury. The care-and-damage clause addresses money, and it should name the actual charge — replacement cost, daily late fee, cleaning fee — rather than gesturing at "applicable charges".