Valuation
Freight Insurance
A policy covering risks of loss, damage, or deterioration during international transport. Its cost is an addition to customs value. Premiums range from 0.3% to 1.5% of merchandise value.
A policy covering risks of loss, damage, or deterioration during international transport. Its cost is an addition to customs value. Premiums range from 0.3% to 1.5% of merchandise value.
Protects the owner against transport risks. Coverage ranges from basic to all risks. Its cost is added to customs value as an addition.
Additions to Customs Value
Expenses that must be added to the price paid to determine transaction value: selling commissions, packaging, assists from importer, royalties, and transport/insurance costs to entry point.
TradeCustoms Value
The monetary amount on which import duties are calculated, determined according to the WTO Valuation Agreement with transaction value as the primary method.
LogisticsInternational Cargo Insurance
A contract protecting goods owners against financial losses from damage, theft, or total loss during international transportation.
LogisticsCIF (Cost, Insurance and Freight)
An Incoterm indicating that the seller assumes the costs of ocean freight and insurance to the agreed destination port, although the risk of loss or damage transfers to the buyer upon shipment.