Everything you need to know about Claims on xChange

Updated October 02, 2023 23:47

Pamela Pinto

What is a Damage Claim?

Containers can get damaged at any step of the logistical process: this is the unfortunate reality of all container-related operations, and it is a part of the business. On the xChange platform suppliers can easily claim any damage done to their containers. The Damage Settlement Process is clearly defined in the Claims Settlement T&C.

To simplify and speed up this process on the xChange platform, we have created the
Claims Manager.

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How can I file a damage claim?

Suppliers must submit a damage claim within 5 working days after drop-off by navigating to the “Claims” tab on the xChange deal page and by clicking the New Claim button under the Claims Tab

Suppliers need to share the following documents for successful claim submission:

Repair Estimate in English
Photos showing all the damages with container number/CSC plate
Depot location & contact details
Drop-off date

Alternatively, the claim can be opened by sharing the data with conops@container-xchange.com

What is a DRV Claim?

When containers get lost, damaged beyond repair, or are not returned after 365 days, Suppliers can claim the agreed DRV value of the said container from the User. This is called DRV Claim on the xChange platform.

How can I request a DRV Claim?

Once the unit has been lost or not returned after 365 days, Suppliers can open a DRV claim by navigating to the Claims tab on the xChange deal page by clicking on the New Claim button in the Claims Manager. Suppliers should provide the Year Of Manufacturing (YOM) and proof of YOM, such as CSC plates or manufacturing/CSC certificates.

Alternatively, Suppliers can post a message in the deal chat, requesting to open a DRV claim against the User or the claim can be opened by sharing the data with conops@container-xchange.com.

Once the DRV claim is opened, the xChange Claims Management team will review the validity of it and calculate the DRV value based on YOM proof. Once the DRV Claim is approved by the xChange Claims Management team, the invoice for the affected containers will be issued and made available in the Supplier and User’s wallet.

Once the damage or DRV claim has been approved and processed, both Suppliers and Users will be able to see it on the deal page, under the Claims tab:

Importantly, as both a supplier and user, you should be sure to negotiate and agree to the minimum replacement value set in the Leasing Deal, as you will not be able to dispute this at a later date. The Leasing deal terms agreed are binding.

What is an Insurance Claim?

In the unfortunate event of container loss, the User of the containers has to reimburse the full Discounted Residual Value (DRV) to the Supplier. To secure themselves against the financial loss, the User can choose to use the Insurance plans offered by xChange.

On the xChange platform, both the Premium and Basic insurance covers mysterious disappearance, loss at sea, and constructive total loss. You can find more about insurance coverage here.

Please note, that only the User on the xChange platform can claim the insurance. Suppliers will need to claim DRV from the user as explained in the previous section.

How can I claim the Insurance?

To start the Insurance process, the User of containers must reach out to ConOps via email (conops@container-xchange.com) team and provide the following set of documents:

Proof of 3rd party responsibility.
Search history for the unit.
Photos of the original containers and their CSC plates.
Evidence of interchange for the units.
Stock report from the drop-off depot

Furthermore, 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 opened.

In total, the overall duration of the claim process from opening to closure is approx. 2 months. You can find more information about the insurance process here.