New Insurance Rates: How am I affected?

Table of Content

1. What is the Insurance Fee Update?

2. When does the new pricing come into effect?

3. Will this affect my existing insurance agreement?

4. How does this affect containers on-hired before August 1, 2024?

5. How do I know when my insurance cycle ends?

6. What should I do if I have questions or concerns about the fee update?

7. Will there be any changes to the terms and conditions of the insurance policy?

8. Are there any other changes I should be aware of?

1. What is the Insurance Fee Update?

Starting August 1, 2024, our insurance partner enforced a new pricing structure, requiring us to update the insurance fees for all containers. This change affects all users of container insurance, leading to a new pricing system for insurance charges.

• You can already see the new Insurance Rates reflected in the Insurance Policy. 
• The old Insurance Rates are available here.

2. When does the new pricing come into effect?

The new insurance pricing comes into effect on August 1, 2024. All containers reported on the platform on and after August 1, 2024 will follow the updated pricing structure.

3. Will this affect my existing insured containers?

If the container was on-hired before August 1, 2024, you will continue to pay the old insurance fee until the end of your current insurance cycle. After the cycle ends, the Insurance coverage charge will continue for Users until the date the user or supplier reports the drop-off dates (not until the date of drop-off itself).

4. How does this affect containers on-hired before August 1, 2024?

If you insured your containers before August 1, 2024, the old pricing will remain in effect for the first 60 days from the date of pick-up of the container. After this 60-day period, you will be charged the new insurance fees.

For example, if you insured your container on July 1, 2024, you will pay the old insurance fee until August 31, 2024. After that, the new insurance pricing will apply.

5. How do I know when my insurance cycle ends?

Your insurance cycle begins on the day you on-hire (pick-up) your container. The standard insurance cycle lasts for 60 days (to determine when your cycle ends, simply count 60 days from the start of your insurance agreement). Your insurance charges end on the actual date the user or supplier reports the drop-off dates (not until the date of drop-off itself).

6. What should I do if I have questions or concerns about the fee update?

If you have questions or concerns about the new insurance fees or how they affect you, please contact our customer service team. They can provide additional information and address any specific issues you may have.

7. Will there be any changes to the terms and conditions of the insurance policy?

The terms and conditions of your insurance policy remain the same. Only the pricing structure has been updated. However, it's always a good idea to review your policy or consult with customer service for any clarifications.

8. Are there any other changes I should be aware of?

At this time, the only significant change is the updated insurance pricing. We will inform you of any future changes or updates to our insurance policies.