Insurance Guide

INSURANCE GUIDES

CONTENT

  • Insurance Coverage
  • Rules, Limits, Exclusions & Conditions
  • Insurance Claim Procedures

 

Insurance Coverage

  • Buyer is given the option to purchase Insurance at a fee of 1% of the Product Price.
  • Insurance covers 110% of product price, excluding shipment cost & insurance fee.

Example 1:

Product Price = USD5,000

Shipment cost = USD 200

Insurance coverage @ 110% of Product Price = USD5,500

Insurance Fee @ 1% of Product Price = USD 50

Example 2:

For product purchase of US$1,000 (delivery from Singapore Seller to Singapore buyer), following invoices will be generated from Exstock:

 

  • Tax Invoice for product sold (on behalf of Seller to Buyer)
  • Product Cost – US$1,000
  • GST (7% of Product Cost) – US$70
  • Total Invoice Value = US$1,070
  • Tax Invoice for optional services purchased by Buyer (Exstock to Buyer)
  • Delivery Cost – US$100
  • Insurance Cost (1% of Product Cost) – US$10
  • GST (7% of Delivery Cost + Insurance Cost) – US$7.70
  • Total Invoice Value – US$117.70

 

Total Transaction Value to the Buyer will be US$1,187.70.

 

Maximum insurance pay-out to Buyer for this case will be US$ 1,177 (US$1,070*1.1, subject to evaluation and final confirmation by the insurance agent).  The insurance will strictly cover the 110% of the tax invoice which consist of the price of the goods plus GST, if any.

 

  • GST 7% of Insurance Fee shall be charged when Insurance is purchased for Domestic Services (Singapore only) Shipment Method.
  • Insurance Fee and GST Amount (USD) (where applicable) shall be incorporated into computation of Total Price in Product Details.
  • Coverage is for all risks of physical loss or damage from an external cause (subject to exclusions) while in transit. Coverage is on a package-by-package basis.
  • Coverage is for loss, damage, or shortage to the original merchandise shipped only.
  • There is no coverage for prohibited items. For list of prohibited items, please visit http://www.fedex.com/us/freight/rulestariff/prohibited_articles.html.
  • All packaging material and damaged goods must be kept in the original form as received. Packaging and damaged goods shall not be disposed of, released to the shipping carrier, or returned to the seller before a claim is completed. Failure to comply can result in the denial of the claim.

 

 

 

Rules, Limits, Exclusions & Conditions

  • Voyage

Worldwide Ports/Places to Worldwide Ports/Places but excluding Countries/ Postal Codes specified in the following table.  That is, any Country of Departure (Shipment) or Country of Destination (Shipment) from the Pickup or Recipient Country that fall under this Insurance Coverage Exclusion Countries list shall be blocked, no insurance purchase is allowed.

 

ISO Standard Country Code

Insurance Coverage Exclusion Country

AF

Afghanistan

AL

Albania

AR

Argentina

AM

Armenia

AZ

Azerbaijan

BY

Belarus

BZ

Belize

BT

Bhutan

BO

Bolivia

BA

Bosnia and Herzegovina

BR

Brazil

BG

Bulgaria

CF

Central African Republic

CL

Chile

CO

Colombia

CG

Congo (Kinshasa)

CR

Costa Rica

HR

Croatia

CU

Cuba

KP

Democratic People’s Republic of Korea

CD

Democratic Republic of the Congo

EC

Ecuador

SV

El Salvador

ER

Eritrea

FK

Falkland Islands

GF

French Guiana

GE

Georgia

GR

Greece

GT

Guatemala

GY

Guyana

HN

Honduras

IR

Iran

IQ

Iraq

IL

Israel

JO

Jordan

KZ

Kazakhstan

XK**

Kosovo

KG

Kyrgyzstan

LB

Lebanon

LY

Libya

MK

Macedonia

MD

Moldova

MN

Mongolia

ME

Montenegro

NP

Nepal

NI

Nicaragua

PK

Pakistan

PS

Palestine Autonomous

PA

Panama

PY

Paraguay

PE

Peru

RO

Romania

RU

Russia

RS

Serbia

SKIN *

Sikkim

SI

Slovenia

SO

Somalia

GS

South Georgia and South Sandwich Islands

SS

South Sudan

SD

Sudan

SR

Suriname

SY

Syria

TJ

Tajikistan

-*

Tibet

TM

Turkmenistan

UA

Ukraine

UY

Uruguay

UZ

Uzbekistan

VE

Venezuela

YE

Yemen

ZW

Zimbabwe

 

* Tibet is covered under following postal codes of China:

  • 850000
  • 857000
  • 856000
  • 850400
  • 854000
  • 851400
  • 850600
  • 851300
  • 857200

 

* Sikkim is covered under following postal/ zip codes of India:

  • 737101
  • 737102
  • 737111
  • 737113
  • 737116
  • 737121
  • 737126
  • 737128
  • 737131
  • 737132
  • 737133
  • 737134
  • 737135
  • 737136
  • 737139

 

** ISO has yet to assign a code to the former Serbian province.  The European Commission and many other organizations (Deutsche Bundesbank, Switzerland) are using “XK” as temporary country code for Kosovo till ISO officially assigns a code.  Exstock will switch to official ISO code as soon as it has been released.  Meanwhile, “XK” shall be temporary utilized.

  • Conveyance

 

By Air/ Land

Conditions

  • Shipment by Air

Institute Cargo Clauses (Air) excluding sendings by Post 1/1/2009

Institute War Clauses (Air Cargo) excluding sendings by Post 1/1/2009

Institute Strikes Clauses (Air Cargo) 1/1/2009

  • Shipment by Land Conveyance – applicable to transit from Singapore to West Malaysia and vice versa

Land Transit Clause (All Risks)

Institute Strikes Clauses (Cargo) 1/1/2009

Warranted vehicle must not be left unattended at all times

  • Applicable to all shipments

Excluding Rust, Oxidation and Discoloration unless caused by insured perils covered under Institute Cargo Clauses (C)

Excluding Mechanical, Electrical and Electronic Derangement unless caused by visible external damage

Institute Replacement Clause 1/1/34

Termination of Transit Clause (Terrorism)

Institute Cyber Attack Exclusion Clause

Institute Radioactive Contamination Chemical Biological Bio-Chemical and Electromagnetic Weapons Exclusion Clause

Contact (Rights of Third Parties) Act 2001

Sanction Limitation and Exclusion Clause 11/8/2010

Cancellation Clause

Declaration Clause

Institute Clauses Amendments

Premium Warranty Clause

General Average Contribution and Salvage Charges

War and/or Strikes Premium Clause

Standard Conditions for Cargo Contracts

Important Notice Clause (Instructions in event of Claim)

  • Claim requirements
    • All packaging material and damaged goods shall be kept in the original form as received. All packaging and damaged goods shall not be disposed of or released to the carrier before a claim is completed as photographs will be required. Failure to comply will result in denial of the claim.
    • In case of loss or damage the following shall be completed:
      • Buyer shall file immediate notice of non-delivery, damage or shortage with Exstock;
      • Buyer shall take proper exceptions on the delivery receipt when any loss or damage is apparent at the time of delivery;
      • Buyer shall provide all required documents to Exstock within five (5) days from the date of submission of the claim. Documents required are original copy of Shipping Invoices (together with shipping specification and/or weight notes), original AWB (with reverse printed terms and conditions), written statement or any evidence by Buyer and carrier to prove the loss of goods.
    • Once a claim has been accepted and approved, prompt payment will be made to Buyer.

 

  • Exclusions
    • Loss, damage, shortage, or non-arrival of cargo which is addressed incorrectly or packed insufficiently to withstand the normal rigors of transit.
    • Loss, damage, shortage, or non-arrival of cargo when it bears a descriptive label or packaging which describes, or alludes to, the nature of the contents. This includes the manufacturer packaging.  International shipments that contain customs declarations are NOT excluded from coverage.
    • Loss, damage, shortage, or non-arrival of cargo when it is obtained by trick, false pretense, or other fraudulent schemes.
    • Loss, damage, shortage arising out of loss of market, delay, loss of use, clean-up costs, decay, inherent vice, or other deterioration, any remote or consequential loss, whether or not arising out of a peril insured against or changes in temperature or humidity.
    • War Exclusion/ Atomic and Nuclear Exclusion: In no case shall this insurance cover loss, damage or expense caused by 1) War, civil war, revolution, rebellion, insurrection, or civil strife arising from, or any hostile act by or against a belligerent power; 2) Capture, seizure, arrest, restraint or detainment (piracy excepted), and the consequences of or any attempt of; 3) Derelict mines, torpedoes, bombs, or other derelict weapons of war. In no case shall this insurance cover loss damage or expense arising from the use of any weapon of war employing atomic or nuclear fission, fusion or other like reaction or radioactive force or matter.

 

  • Limit of Liability

USD 100,000.00 per conveyance

 

Insurance Claim Procedures

  1. Product received is damaged due to shipment/ delivery:
    • Buyer can raise dispute if product received is found to be damaged due to shipment/ delivery.
    • Go to My Orders after sign-in.
    • Go to Shipments, find the Shipment you would like to file a claim for, click on ‘Dispute’.
    • System checks that the Completed Order must have Insurance Purchased in order to proceed with claim.  Otherwise, Claim Request is abandoned, a message will be prompted highlighting that Buyer did not purchase insurance for coverage on damaged due to shipment, leading Buyer to check on Completed Order with Order Number displays for reference.
    • Select Dispute Type ‘Products received is damaged’ from the drop-down menu and fill up relevant information.
    • Attaching/ uploading photos (in Jpeg format) is mandatory to prove on damaged product due to shipment. Minimum 3 and maximum 8 photos allow.
    • The following message will be displayed upon successful claim application:
    • Dispute, Refund & Claim Request will be processed by Exstock Administrator. A Ticket Number is system generated upon submission. Ticket Number generated shall base on the following convention:
    • DP/SD180400002

      where,

      • DP is fixed, which is referring to Dispute
      • /SD is fixed, which is referring to Shipment Damage
      • 18 is Year in YY
      • 04 is Month in MM
      • 00002 is running serial number starting from 00001 basing on sequential Ticket Number generated for Dispute, Refund & Claim Request raised by the Buyer for product received is damaged due shipment/ delivery. 
    • Buyer can review status of insurance claim. Go to My Orders > Dispute and click on the corresponding Ticket Number under ‘Status’.
  2. Product is not received within the expected delivery time
    • Buyer can raise dispute if product is not received within the stipulated time.
    • Go to My Orders after sign-in (refer to Image 1 above).
    • Go to Shipments, find the Shipment you would like to file a claim for, click on ‘Dispute’ follow by ‘Dispute’.
    • System checks that the Completed Order must have Insurance Purchased in order to proceed with claim. Otherwise, Claim Request is abandoned, a message will be prompted highlighting that Buyer did not purchase insurance for coverage on damaged due to shipment, leading Buyer to check on Completed Order with Order Number displays for reference (refer to Image 3 above). 
    • Select Dispute Type ‘Products shipped but has not received’ from the drop-down selection.
    • Buyer should attach copy of saved Message Thread Correspondences with the Seller to facilitate Exstock Administrator’s investigation.
    • Upon successful claim application, confirmation message will be displayed to inform Buyer that a claim on insurance will be processed. Typical insurance claim processing time is 1 month (refer to image 6 above).
    • Dispute, Refund & Claim Request will be processed by Exstock Administrator. A Ticket Number is system generated upon submission.  Ticket Number generated shall base on the following convention:

      DP/SM180400001

      where,

      • DP is fixed, which is referring to Dispute
      • /SM is fixed, which is referring to Shipment Missing
      • 18 is Year in YY
      • 04 is Month in MM
      • 00001 is running serial number starting from 00001 basing on sequential Ticket Number generated for Dispute, Refund & Claim Request raised by the Buyer for product shipped but has not received.
      • Buyer can review status of insurance claim. Go to My Orders > Dispute and click on the corresponding Ticket Number under ‘Status’ (refer to image 7 above).

       



 

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