How to handle mold transportation insurance and cargo damage claims

How to handle mold transportation insurance and cargo damage claims
Mold transportation insurance covers all risks at 110% of the invoice amount. Reporting the accident within 48 hours and keeping it in its original state is the key to a successful claim.
Selection of insurance types
All risk insurance has the widest coverage, including losses caused by natural disasters and accidents. It is recommended to purchase all risk insurance for mold transportation.
Ping An Insurance and Water Damage Insurance have narrow coverage and low prices, but it is not recommended to save this money on high-value goods such as molds.
War risk and strike risk are additional insurances that need to be added when exporting to specific regions.
Determination of coverage amount
The insured amount is usually determined at 110% of the invoice amount, covering the value of the goods plus expected profits and expenses.
The shipping and insurance costs of the mold should also be included in the insured amount, otherwise this part of the loss cannot be compensated after the accident.
High value molds can be separately insured and should not be mixed with other goods to avoid disputes over allocation.
The processing sequence after an accident
The first step is to report the case. Most insurance companies require a report to be made within 48 hours, and exceeding this time limit may affect claims settlement.
The second step is to preserve the site. Take photos and videos, don't rush to clean or repair them.
The third step is to gather evidence. Transport documents, packing lists, acceptance records, and third-party inspection reports must be retained.
Common situations of refusal to compensate
Non compliant packaging is a common reason for refusal of compensation. Insufficient strength and inadequate fixation of wooden boxes will be deemed as the shipper's responsibility.
Failure to truthfully declare the value of the goods may also result in refusal of compensation or proportional compensation.
If natural wear and corrosion are not covered by insurance, no compensation will be given. Losses caused by inadequate rust prevention measures are often attributed to packaging responsibility.
Claim materials
Policy, invoice, packing list, transportation contract, accident certificate, inspection report, repair quotation or scrap certificate.
Incomplete materials will prolong the claims period. It is recommended to confirm the list of required materials for claims before shipment.
Xinfeng Mold will remind customers to verify the coverage and deductible of the insurance policy in export projects.
Prevention is more important than claims
Proper packaging, reliable fixation, and sufficient rust prevention can prevent the vast majority of goods from being damaged.
It is recommended to take photos of the high-value molds during loading and record the packing status. This is the strongest evidence after the accident.
Deductible amount and exclusion of liability
Policies usually have deductibles, and small losses may not be covered. Before purchasing insurance, the deductible and exclusion liability should be confirmed.
Rust, natural wear and tear, and improper packaging are often listed as excluded responsibilities. These three are precisely the high-frequency losses in mold transportation that need to be prevented through packaging.
Division of responsibilities with the carrier
The transportation contract and insurance policy are two sets of liability systems. After the accident, you can claim compensation from the carrier at the same time, but you need to keep the waybill and handover records.
The coverage area of the policy should cover the transit port, only from the port of origin to the destination port, and no compensation will be provided in case of accidents in the transit section.
During the claims period, do not disassemble the mold on your own as damaging the site may make it difficult to determine the damage.
When purchasing insurance, it is necessary to truthfully declare the degree of newness of the mold. Purchasing the old mold at the new price may result in rejection of compensation.
The policy will be renewed one month before its expiration to avoid any gaps in coverage.
Frequently Asked Questions
Q: What type of insurance is required?
Answer: It is recommended to have all risk insurance with the widest coverage.
Question: How is the coverage amount determined?
Answer: According to 110% of the invoice amount, including shipping and insurance.
Q: How long does it take to report the accident?
Answer: Most require within 48 hours.
Q: Will improper packaging result in rejection of compensation?
Answer: Yes, it is often considered as the shipper's responsibility.
Q: What documents are required for a claim?
Answer: Policies, invoices, packing lists, inspection reports, etc.
Q: How to prevent cargo damage?
Answer: The packaging is fixed in place, and photos are taken during loading for evidence.
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