Financial
Insurance 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.
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.
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.
Marine 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.
FinancialDeductible
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.
FinancialICC Clause A
Broadest cargo insurance coverage from the Institute of London Underwriters protecting against all risks of physical loss or damage to goods, with expressly listed exclusions. It is the highest level of protection.
FinancialCertificate of Insurance
Document evidencing the existence of a cargo insurance policy for a specific shipment. Required in CIF/CIP operations and frequently requested by banks in documentary letters of credit.