How is insurance charged?

Updated August 28, 2024 22:48

Pamela Pinto

Basic Insurance

The charge for basic insurance will be billed every 60 days for each container. This forms a standard insurance cycle. After the initial 60 days, the insurance will be automatically renewed on a daily basis. 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).

For Example
If one container is returned after 125 days from the day of pick-up, then the user would be charged the initial charge for the first 60 days and then daily:

The 1st charge from day 1 to day 60
The 2nd charge will be re-applied every 60 days (meaning the second charge will be applied for day 61 to day 120) until the actual date the user or supplier reports the unit as returned (not until the date of drop-off itself).

Premium Insurance

The charge for Premium insurance is billed daily until the date the user or supplier reports the drop-off dates (not until the date of drop-off itself).

For Example
If the daily insurance of one container is $15 for every 60 days on-hire, and the container is marked as returned after 100 days, then the charges would be calculated as below:

15$ for every 60 days
100 days = $25

When is the Insurance charged?

Insurance premiums are charged for the first time once containers are reported as picked up.

For how long are insurance premiums valid?

The insurance is valid for one-way moves up to 60 days after pick-up (per container). The insurance will be automatically renewed on a per-day basis after 60 days until the date the user or supplier reports the drop-off dates (not until the date of drop-off itself).