Understanding Total Loss Insurance

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Understanding Insurance Policies Video

 

Basic Insurance

Is one of two main official insurance plans offered on the xChange platform.

It protects the User from the potential Total Loss or Mysterious Disappearance of their containers.

In order for a container(s) to satisfy the criteria for total loss the below points must be met:

  1. There must be no possibility for reasonable repair (i.e. the amount of repair should be higher than the DRV of the container or proof of a complete loss of container).
  2. The container must be
        • either lost at sea, 
        • has a total constructive loss (i.e. when the EOR amount is greater than or equal to the Depreciated value of the container), or 
        • meet the criteria of mysterious disappearance


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 Opening of the Insurance Claim

If you want to open an official Insurance Claim for the lost container, you have to reach out to our ConOps team by sending an email to conops@container-xchange.com.

You will have to provide a set of initial documents for the opening of the claim:

  • Proof of 3rd party responsibility. Please, share with us who do you hold responsible for the loss of each container.
  • Photos of the original containers and their CSC plates.
  • Estimate of Repair
  • Evidence of interchange for the units.

Once we receive those documents, we will be able to proceed and evaluate the applicability of the claim.

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 The Insurance Claim Process

  1. If the Insurance Claim is applicable, xChange will gather all of the necessary documents and will forward the claim to the Insurance Partner.

  2. The Insurance Partner will review the claim and after internal investigation will approve or dispute the Insurance Claim.

  3. In case of the Total Loss of the unit, the Insurance Partner is entitled to the scraps of the affected units after the payment of the Insurance Refund.

  4. In case of the Mysterious Disappearance, the Insurance Partner is placing the 75% Insurance Deductible on each case.

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

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