I can tell you tons of stories of borrowed equipment - AND LOST FRIENDS.
Even my Big Bobtail trucks friends and relatives ALWAYS want to borrow them, they're nearly 100k each. What I always say is Uhaul is $29.99 a day, here's $30.00 I'll be glad to pay. No one has ever taken my money.
The ole "my liability insurance won't allow it" always works.
And when they want to borrow money, sorry it's all tied up in CD's and the penaties would kill me.
And when they want my wife - just make sure she's home in time to cook dinner
Seriously though the liability of loaning out equipment IS SCARY at least. If you friend got hurt on your tractor, your friends insurance company would come after YOU, and your friend wouldn't have a say so in it. The manufacturer od the cutting equipment, tractor, dealer, you etc. would all be listed on the suit.
Sad as it might me, it's true.