In the unfortunate event of container loss, the User of the containers has to reimburse the full Discounted Residual Value to the Supplier. To secure themselves against the financial loss, the User can choose to use the Insurance plans.
Both Insurance plans offered on Container xChange support Total Loss of containers, Mysterious Disappearance of containers & loss at sea. Premium Insurance also provides protection against all impact damages above the set Insurance Deductible and includes a free IICL6 inspection.
Insurance Process: To start the Insurance process, the User of containers must reach out to ConOps team via email (email@example.com) and provide the following set of documents:
Proof of 3rd Party Responsibility
This document states and clarifies the party responsible for the damage/loss of the container. If it’s a particular trucker or the shipper, their legal info must be also shared with us.
In simplified cases, just naming the responsible party would be sufficient.
Photos of the Unit and their CSC plates
These documents prove the condition and overall existence of the container plus those allow to evaluate the age and the DRV of the container.
Search History (Required for lost containers)
This document states and summarizes the search attempts conducted by the User.
The User must provide all their weekly communication with the shipper, the depot, the consignees, and other parties involved in the transportation of the container. It can be email threads, Whatsapp/WeChat messages and etc. The timeline of the search should be strictly visible and should not contain large time skips.
As the Insurance policy states, the User must search for at least 2 months prior to the opening of the Insurance claim. If the search history provided by the User does not clearly prove the search efforts, the Insurance Claim can be rejected.
Any Other Additional Document can be requested by the Insurance Provider for the purpose of insurance investigation.
Only once all the necessary documents are received and approved by xChange, the Insurance Claim is considered as opened.
Starting from that moment, the Insurance Agent has 1 month to conduct an investigation for the affected equipment. After 1 month since the opening of the Insurance Claim, the Insurance Agent will produce an Insurance Report shared with the Insurance Provider.
The Insurance Provider will issue an Insurance Refund within 1 month after the reception of the Insurance Report.
In total, the overall duration of the claim process from opening to closure is approx. 2 months.