ForePax Insurance Policy

Article 1

This insurance contract consists of the insurance clauses, insurance application form, insurance policy, insurance certificate, and endorsements. Any agreements related to this insurance contract must be made in writing.

Scope of Insured Subject (Article 2)
 

• Goods transported via postal parcels or express delivery may be insured under this insurance.

• The following goods are not covered under this insurance unless specifically agreed upon by the policyholder and the insurer and explicitly stated in the insurance policy (certificate): precious items such as gold, silver, jewelry, diamonds, jade, ornaments, ancient coins, antiques, ancient books, ancient paintings, stamps, artworks, rare metals, etc.

• The following goods are not covered under this insurance: vegetables, fruits, live livestock, poultry, fish, and other animals.

Insurance Liability (Article 3)

This insurance is divided into two types: Parcel Insurance and Comprehensive Parcel Insurance. If the insured goods suffer losses, compensation will be provided according to the type of insurance coverage specified in the insurance policy.

Parcel Insurance (Article 4)

This insurance covers compensation for:

• Total or partial loss of the insured parcel during transportation caused by natural disasters such as severe weather, lightning, tsunamis, earthquakes, or floods, or due to accidents involving the means of transportation, including grounding, collision, sinking, overturning, derailment, falling, or disappearance. It also covers damage caused by fire or explosion.

• Reasonable expenses incurred by the insured in taking emergency measures to rescue, prevent, or reduce the damage to the insured goods, but not exceeding the insured amount of the salvaged goods.

Comprehensive Parcel Insurance (Article 5)

In addition to all the liabilities covered under Parcel Insurance, this insurance also covers total or partial loss of the insured parcel caused by external factors during transportation.

Exclusions (Article 6)

This insurance does not cover the following losses:

• Losses caused by the intentional actions or negligence of the insured.

• Losses that fall under the responsibility of the sender.

• Losses caused by pre-existing poor quality or quantity discrepancies of the insured parcel before the insurance liability begins.

• Losses or expenses due to natural wear and tear, inherent defects, characteristics of the insured parcel, market price fluctuations, or transportation delays.

• Liabilities and exclusions specified in the company's Parcel War Risk Insurance Clauses and Cargo Transport Strike Insurance Clauses.

Insurance Amount / Liability Limit and Deductibles (Article 7)

The insurance amount or liability limit is determined by the policyholder and the insurer and stated in the insurance policy. The agreed insurance amount shall not exceed the insured value at the time of policy issuance.

Article 8

The deductible (rate) is negotiated between the policyholder and the insurer when the insurance contract is concluded and is stated in the insurance policy.

Insurance Period (Article 9)

The insurance liability begins when the insured parcel leaves the sender’s premises (as stated in the insurance policy) and is transported to the post office. The liability continues until the parcel reaches the destination post office specified in the policy. The insurance coverage terminates at midnight on the fifteenth day after the post office issues a delivery notification. However, if the parcel is delivered to the recipient before this deadline, the insurance coverage terminates immediately.

Obligations of the Insurer (Article 10)

When using the insurer’s standard clauses, the insurer must provide the policyholder with the insurance application form and attach the standard clauses. The insurer must explain the contents of the insurance contract to the policyholder. Any clauses exempting the insurer from liability must be highlighted and explicitly explained in writing or verbally. If not explicitly notified or explained, such clauses will be deemed invalid.

Article 11

After the insurance contract is established, the insurer must issue the insurance policy or other insurance certificate to the policyholder in a timely manner.

Article 12

The insurer has the right to terminate the insurance contract within 30 days of becoming aware of a valid reason for termination. If this right is not exercised within this period, it will be forfeited. If more than two years have passed since the insurance contract was established, the insurer may not terminate the contract. If an insured event occurs, the insurer must fulfill its compensation obligations. The insurer cannot terminate the contract if it was aware of the policyholder’s failure to disclose relevant information at the time of contract formation.

Article 13

If the insurer finds that the proof and documentation provided by the insured for a claim are incomplete, they must promptly notify the policyholder and the insured to supplement the necessary documents.

Article 14

Upon receiving a claim from the insured, the insurer must promptly determine whether it falls within the scope of coverage. In complex cases, the determination must be made within 30 days unless otherwise stipulated in the insurance contract.

Article 15

The insurer must notify the insured of the determination results. If the claim is valid, the insurer must pay the agreed compensation within 10 days after reaching a settlement with the insured. If the contract specifies a different compensation timeframe, the insurer must adhere to that timeline. If the claim is denied, the insurer must issue a Notice of Claim Denial within three days, stating the reasons.

Article 16

If the insurer is unable to determine the compensation amount within 60 days of receiving the claim request and supporting documents, they must make a preliminary payment based on the confirmed amount. Once the final amount is determined, the insurer must pay the difference.
 
Obligations of the Policyholder and Insured (Article 17)

The policyholder must truthfully disclose all relevant information about the insured subject and the insured party when asked by the insurer. If the policyholder deliberately or negligently fails to disclose such information, affecting the insurer’s decision to underwrite or adjust premiums, the insurer has the right to terminate the contract.

Article 18

The policyholder must pay the full insurance premium upon receiving the insurance policy (certificate). If the premium is not paid as agreed, the insurer has the right to terminate the insurance contract.

Article 19

The policyholder and the insured must carefully select transport carriers and ensure compliance with national safety regulations for transportation. The packaging of the insured goods must meet the relevant standards set by regulatory authorities. If failure to comply results in an insured event, the insurer is not liable. If such non-compliance exacerbates the loss, the insurer will not cover the additional damage.

Article 20

If the risk level of the insured subject increases significantly, the insured must notify the insurer immediately. The insurer may require additional premiums or terminate the contract. If the insured fails to notify the insurer and an insured event occurs due to the increased risk, the insurer is not liable.

Article 21

Upon discovering a loss covered by the insurance, the insured must immediately notify the insurer or its local representative and take reasonable measures to mitigate the damage. If the insured intentionally or negligently fails to notify the insurer in a timely manner, resulting in difficulty in determining the cause and extent of the loss, the insurer is not liable for the undetermined portion of the claim.
Claim Settlement

Article 22

After the insured parcel arrives at the destination, the insured must promptly collect it. If any loss is discovered, the insured must immediately request an inspection from the designated claims agent in the insurance policy. If there is a shortage or visible damage, a written claim must be filed with the post office, and an extension certification may be required. Failure to comply with these requirements releases the insurer from liability.

Article 23

The insured must take all reasonable measures to salvage and protect the insured parcel from further loss. The insurer’s involvement in such measures does not imply acceptance of liability. If the insured fails to take such measures, the insurer is not responsible for any additional loss.