Total Loss Insurance
The charge for total loss 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 unless the containers are reported as empty returned/ dropped off on xChange.
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 would be applied every day until the unit is returned.
The charge for Premium insurance is billed daily until the empty return of the container is reported on the platform.
If the daily insurance of one container is $15 for every 60 days on-hire, and the container is returned after 100 days, then the charges would be calculated as below:
- 15$ 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 unless the containers are reported as empty returned/ dropped off on xChange.
How is insurance charged for a total loss?
For total loss insurance, the premium will be charged for 60 days (the same amount as at the moment of the pickup).
How is insurance charged for 'damage insurance'?
For damage insurance, since the premium is higher, we charge a daily rate until the container is reported as returned.
Important note: after the Leasing Deal has been accepted with Basic Insurance, it is still possible to update Basic Insurance to Premium Insurance, you may @Support to upgrade for you. However, it is impossible to downgrade the Premium Insurance to Basic Insurance