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FAQs nShift Insurance

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Steffan Giebels
Updated

On which level is insurance calculated?
Insurance is calculated on shipment level so it takes the total shipment value and shipping costs, if provided separately. It will use the combined value to calculate the premium.

 

Based on which fields is insurance calculated?
The insurance premium is calculated based on these fields:

  • Policy holder country
  • Sender country
  • Receiver country
  • Shipment value
  • Shipping costs (field Price. Can be 0,00)
  • Shipment currency
  • Field insurance is enabled

 

Which carriers do we support?

We support all carriers. nShift Insurance is independent of the carrier. We can imagine you already have a contract with one or more carriers and use specific service levels or general insurance contracts. So it’s up to you if you want to exclude specific shipments for being insured. How to do this can be read in below FAQ “Can I define business rules?”

 

Can I define business rules?

You might have certain business rules to decide if a shipment needs to be insured or not. For instance to exclude specific carriers, countries or products which cannot be insured. Of course this is possible. How to do this depends on the fact if you use an API integration (self-build or via an integration partner) or manually create shipments in the MyTranssmart dashboard.

  • If you manually create shipments in MyTranssmart, you can decide per shipment if insurance needs to be enabled or not by (un)checking the field in the Shipping Information
  • If you send in shipments via your ERP/WMS you can setup the business rules in that system. Those rules then decide whether the newly made available field ‘insurance’ is sent in with value true or false. Note: you might need your IT-department or integration partner for enabling this field.

Which currencies do we support?

  • EUR, GBP, DKK, SEK and NOK.

Which policy holder countries do we support?

We support all countries in Europe. If you have a policy holder outside Europe, please reach out to us and we will activate it. Note that some countries are excluded by Cover Genius, for example, countries subject to international sanctions.

Which amount is covered?
Your coverage will be set to your order total which is the shipment value and shipping costs.

If shipping costs are not registered separately, make sure to add them to the shipment value.

 

Which situations are covered?
nShift Insurance reimburses you for the total order value if your shipment is lost, stolen or damaged. For all coverage terms, please visit https://www.xcover.com/en/pds/shipping-protection-eu

 

Which insurance and tax percentages are used to calculate the premium?
The premium percentage is 0,7%, 1,0% or 1,1% and depends on the sender and receiver countries of the shipment. Taxes vary by country where the policy holder is located and are calculated on top of the premium percentage. Click here for more information

 

What is the maximum insured value?
The maximum insured value, so the shipment value + shipping costs depends on the following:

  • Between EUR 1,- and 25.000,- for a domestic shipment.
  • Between EUR 1,- and 20.000,- for a EU shipment
  • Between EUR 1,- and 18.180,- for a non-EU shipment.

 

What is the minimum / maximum premium I need to pay?

  • The minimum premium is EUR 1,-
  • The maximum premium depends on the percentage so if it is a domestic, EU or non-EU shipment:
    • In case of a domestic shipment, the maximum premium is EUR 175,- (calculation: shipment value 25.000,- x 0,7%)
    • In case of an EU shipment, the maximum premium is EUR 200,- (calculation: shipment value 20.000,- x 1,0%)
    • In case of a non-EU shipment, the maximum premium is also EUR 200,- and because of the 1,1% premium, this means that the maximum insured value can be approximately EUR 18.180,- (calculation: shipment value 18.180,- x 1,1%)

 

Can I cancel the insurance once it’s booked?

Insurance is definite at the moment a label has been printed and the shipment has status LABL. The policy will be active and cannot be canceled. Also when deleting a shipment, the policy cannot be canceled since the external insurance agency already issued the policy and costs are already made. The reason is also that a shipment with status LABL is already communicated to (online) carriers and the shipment might even already been collected by the carrier and therefor a cancellation is not possible anymore at this stage.

 

How do we pay the premiums to nShift?
nShift will invoice the total amount of premiums incl. taxes once per month.
Cover Genius will take care of paying the taxes if applicable.

 

Who will pay out the claim?
Cover Genius will take care of paying out the claims.

 

How to insure sub accounts?
In case you make use of sub accounts, the standard inheritance functionality of MyTranssmart will be in place. This means that if you enable insurance on the main account, it will be automatically also enabled for all sub accounts. It will use the same settings and policy holder fields for you sub accounts. Of course you can modify the settings per sub account, for instance changing the policy holder name/country/email address or disabling insurance for that specific sub account.

Note: as long as you don’t change anything in the Insurance opt-in page on the sub accounts, a change on the main account will also automatically apply to all sub accounts. As soon as you modify the Insurance opt-in page in a specific sub account, changes on the main account will not apply anymore to that sub account.

 

Which fields are relevant for the insurance booking process?
In this page you will find a list of all fields which are relevant for the insurance booking process such as the opt-in page, settings and shipment fields.

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