We have narrated from Qadi Shurayh (may Allah have mercy on him) that he said: "There is no liability (compensation) on one who hires (an animal)."
Then if he transgresses and exceeds the agreed time, and it (the animal) perishes, Shurayh (may Allah have mercy on him) said: "Both the rent and the liability (compensation) will be combined upon him."
Hadith Referenceالسنن الكبرى للبيهقي / كتاب الإجارة / Q11671
It is reported from Sayyiduna Umar (may Allah be pleased with him) that whoever rents something out, and his counterpart goes beyond Dhul-Hulayfah, the rent becomes due and there is no liability on him.
What is meant, and Allah knows best, is that when the renter takes possession of what he rented and goes beyond Dhul-Hulayfah, the full rent becomes due from him, provided no deferred term was stipulated for the wage; and there is no liability on him as long as he does not transgress.
Hadith Referenceالسنن الكبرى للبيهقي / كتاب الإجارة / 11671