Financial
Insurance Franchise
Minimum damage threshold below which the insurer does not respond, but once exceeded, covers the entire damage. Different from a deductible where the established amount is always deducted.
Minimum damage threshold below which the insurer does not respond, but once exceeded, covers the entire damage. Different from a deductible where the established amount is always deducted.
Minimum damage threshold below which the insurer does not respond, but once exceeded, covers the entire damage. Different from a deductible where the established amount is always deducted.
Deductible
Amount the insured must absorb from each loss or damage before the insurance company begins to pay. The higher the deductible, the lower the insurance premium and vice versa.
FinancialInsurance Premium
Amount paid to the insurer as consideration for cargo insurance coverage. Calculated as a percentage of insured value (generally CIF + 10%) considering type of goods, route, and contracted clause.
FinancialMarine Cargo Insurance
Policy protecting the insured against losses or damage to goods during maritime transport. Can cover from basic risks to all risks depending on the contracted ICC clause.
LogisticsParticular Average
What is Particular Average, its role in foreign trade, and how it applies to customs operations in Mexico.