In international trading, documentation settlement is usually the most complicate and important part. If the documents can be prepare, dealing on time, it will promote the international trading smoothly.
CIF exportation cargo insurance means that in CIF terms, the seller clears the goods at origin places the cargo on board and pays for insurance until port of discharge at minimum cover. Even though the seller pays for insurance during the main carriage, the risk is transferred to the buyer at time the goods are on board.
In order to improve the efficiency of the guests, Oulian can help you to apply for cargo insurance and give you an excellent experience of service.
Types of CIF exportation cargo insurance we can provide
1.Export Credit Insurance
This kind of policy offers you protection in case your foreign client fails to make payment for goods. This is important if for any reason a buyer is unable to honor his side of the agreement.
Contrary to the implication behind this name, marine insurance for export goods is not only limited to consignments that are transported over the sea, but it provides a cover for goods they leave the supplier’s hands to the point they are handed over to the buyer.
3. Political Risk Insurance
This insurance covers against the risks that may result from political instability for instance war, upheavals or riots that might lead to loss or damage. It also covers unavoidable factors that may invalidate your claim to business within the country for instance the cancellation of your trading license.
4. Currency Conversion Insurance
A major factor that at times leads to great losses for international traders is foreign exchange conversion loss. This form of insurance mitigates against any losses that may arise from the negative effect of currency movements.
Important Insurance Considerations
Many business owners choose cargo insurance to ask for 110% of the total value of the transaction in international trading. This value covers everything including the courier charges and includes that extra 10% to cater for the time wasted and any expenses that may arise from filing a claim.
Documents needed to support a claim
2.Invoices and packing lists
3.Original bill of lading or other transport document
4.Survey report or other evidence of loss or damage
5.Landing account/weight notes at destination/stowage brokers record
6.Any correspondence with the carrier or parties involved