4.1. Everything you need to know about Insurance

 - What is the Insurance Policy?

To simplify and secure the damage resolution process on the xChange platform we offer two main insurance plans, which can be tailored to the specific needs of our customers: Basic Insurance and Premium Insurance plans. Both are integral parts of the Insurance Policy on the platform, which can be found in full here.

Both Insurance Plans will help you to secure the leased containers from potential damages and loss cases, in full accordance with the terms of Insurance policy,

The process of claiming damages can be found here, but to simplify it, the first step in receiving an Insurance Refund for the Insurance case for the User is to reach out to xChange team and to submit the repair estimate and photos of the damages.

• What is Basic Insurance?

Basic Insurance will protect your containers against Total Loss and Mysterious Disappearance of containers.

In order to be applicable for the Insurance Refund, the container has to fulfil certain criteria. The container is considered to be a “Total Loss” in the case when the container is either lost at sea, is considered a total constructive loss and in case of Mysterious Disappearance.

The insurance runs for 60 days per insurance cycle. The cost of the total loss insurance differs between container types, with 20DC being $2.5 for 60 days and 40HC being $3.3 for 60 days. The complete Total Loss insurance details, including individual container rates and other details, can be found in our Insurance Policy Scheme

You may find more information about Basic Insurance following the link.

• What is Premium Insurance?

With xChange’s Premium Insurance you can protect your containers against all Impact Damages above the Insurance Deductible and the associated survey costs. The Damage Protection insurance always includes the Total Loss insurance, giving you full damage protection up to IICL6 standard on the containers you move.

The insurance runs for 60 days in the first cycle and then is billed daily until the empty return of the container. The cost of the insurance for damages differs between container types, with 20DC being $12.00 for the initial 60 days and 40HC being $15.40 for the first 60 days.

The complete Damage Protection insurance guide can be found following the link.

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