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Understanding Premium Insurance

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Understanding Insurance Policies Video

 

Premium Insurance

Is aimed to fully protect the User against all Impact Damages on the leased Equipment, all Total Loss cases, and the associated survey costs. It always includes the Total Loss insurance.

 

What is covered by Premium Insurance?

  • Constructive Total Loss
  • General Average
  • Mysterious disappearance
  • New impact damages as per IICL6 standard, starting from a deductible of $ 50. 
  • Total Loss is declared if the repairs are equal to or higher than the DRV.

What is not covered by Premium Insurance?

  • Cleaning and Contamination charges are not included in the Premium Insurance - cleaning costs are covered by the user.

  • Wear & Tear (W&T + OLD) refers to normal wear & tear of the container unit over its lifetime and its related cost is allocated to the Supplier account or the container unit’s owner account.

When are insurance costs charged?

The insurance costs are billed on a monthly basis to the User’s wallet. Premium insurance cost runs anywhere from $ 12 up to $ 140 per container for the first 60 days, depending on container type. The first 60 days start from the container pickup datePost 60 days, the insurance is billed daily until the empty return of the container. The daily insurance rate post the first 60 days can vary anywhere between $0.21 up to  $3 depending on container type.

The complete Damage Protection insurance, including individual container rates and other details, can be found in our Insurance Policy Scheme

Upon damage approval by the insurance surveyor, the damage amounts are processed by xChange. In case both parties are xChange members the revised total estimate is settled through the wallet immediately. Following, the refund amounts are approved and added to the wallet of the insured party.

The total claim amount is usually settled completely with the accepted refund and your xChange DPP.

For further information and details on the policy check out the insurance policy document.

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