I think that you probably want a set or bag, not a list. A list has a list index, so unless you're planning on having a list index column in your mapping table, you can't use a list. (A list index column would be something to the effect of a column with an ordinal in it.. a "position index")
The mapping for a many-to-many collection is usually done like this:
Code:
<set name="Equipemnt" table="BusEquipmentLinkTable">
<key column="ColumnInBusTableThatLinksToLinkTable" not-null="true"/>
<many-to-many class="Equipment" column="ColumnInLinkTableThatLinksToEquipmentTable"/>
</set>
If the link from the Equipment table to the link table isn't via Equipment's id column, then you can put a property-ref="NameOfPropertyInEquipmentWhoseColumnMapsToLinkTable" in the many-to-many element.
The field/property in the java class can be either Collection or Set type. If you're committed to using List type, you can replace <set> with <bag>, but there are some performance penalties if you do that.