Account

Swap Protect Terms & Conditions

Claims Reporting & Terms of Insurance

It is understood and agreed that the following timelines for claims transmittal must be adhered to in order for a claim to be processed:

  • Claims for packages presumed to be lost by the carrier, where the status is not “delivered” must be filed no sooner than 14 days after the scheduled delivery date for domestic shipments (and 20 days for international shipments), but not later than 30 days from the last checkpoint.

  • Claims for packages marked by the carrier as “delivered” must be filed within 15 days from the date and time shown by carrier as delivered. In the event of theft, Swap’s underwriters may require additional evidence including but not limited to a written statement by a Director of the company, or a filed police report, or a snippet of a security video showing evidence of theft or written or photographic supporting materials that the carrier did not deliver said packages.

  • All other claims should be filed as soon as discovered but in no event later than 180 days from the purchase date.

General Coverage Exclusions

This coverage does not insure against any loss, damage or expense attributable to or caused by:

  1. Ordinary leakage, ordinary loss in weight or volume, ordinary wear and tear of the goods insured.

  2. Willful misconduct, infidelity, conversion or dishonest acts of the Assured, or the Assured’s employees, whether committed alone or in collusion with others.

  3. Rust,oxidation or discoloration on unpacked and/or unprotected cargo.

  4. Loss of market or loss, damage, expense or deterioration arising from delay, whether caused by a peril insured against or otherwise.

  5. Inherent vice or nature of the goods insured.

  6. Insolvency or financial default of the owners, managers, charterers, or operators of the vessel where, at the time of loading of the goods insured on board the vessel, the Assured is aware, or in the ordinary course of business should be aware, that such insolvency or financial default could prevent the normal prosecution of the voyage. This exclusion shall not apply where the contract of insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the goods insured in good faith under a binding contract.

  7. Insufficiency or unsuitability of packing or preparation of the goods insured to withstand the ordinary incidents of the insured transit, but only where such packing or preparation is carried out by the party presenting the claim for payment, or its employees, prior to the attachment of this insurance (for purposes of this clause, “packing” shall be deemed to include stowage in a container, and “employees” shall not include independent contractors).

    Where a loss results from improper packing, but the claim is covered because the packing was not performed by the party presenting the claim for payment or its employees, it is the duty of the Assured to assist Underwriters in recovery efforts against responsible parties. It is further understood that no future claims shall be recoverable under this Policy which arise from improper packing performed by the same person or entity unless additional shipment(s) have already departed from the same shipper when improper packing is first discovered.

  1. Electrical, electronic and/or mechanical derangement unless the Assured is able to demonstrate that such damage is the result of a peril insured against.

  2. Shipments on chartered vessels that are not classed A1 American Recordor equivalent by a member of the International Association of Classification Societies; chartered vessels over 40 years of age; vessels on break-up voyages; chartered barges; vessels built for service on the Great Lakes; vessels built solely for Military or Naval Service; or vessels built for carriage of dry bulk or liquid bulk cargoes, and which are more than 20 years of age.

  3. Any accident occurring while rolling stock (railroad car) cargo is being driven under its own power or being towed on its own wheels, except during loading and unloading and positioning by the steamship line.

Sanctions Limitation & Exclusion Clause

No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.