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What is an Insurance Deductible?
November 09, 2023 23:31
In simple terms, a deductible is an amount paid out of pocket by the insured partner before an insurance provider pays any expenses.
Insurance extends coverage to include all costs related to impact damage that exceed this established threshold.
Company A has a deductible of USD 100. If a claim is made and the amount is set to USD 250, the deductible (100 USD) would be subtracted from the amount:
USD 250 - USD 100= USD 150 Insurance deductibles are set by the insurance provider (acting as the threshold for insurance coverage), but you as the Insured partner can choose which amount you prefer.
At Container xChange, you can choose between USD 50 or USD 100 in the Premium Insurance.
A lower deductible automatically increases the per-cycle/ per-day cost of the insurance.
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