Due to our WCA membership, we are able to offer insurance services through WIS (World Insurance Service) for all shipments. This service covers the entire process, from the point of origin to the destination. We provide insurance services to all our customers, with a policy fee calculated based on the type and value of the product being shipped.
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Who pays for cargo insurance?
International trade buyers usually pay for cargo insurance. The buyer buys cargo insurance directly or through a freight forwarder or insurance agency to protect the items during transit. In CIF or CIP trade agreements, the seller may arrange and pay for insurance. Buyer and seller negotiate freight insurance payment.
What is the function of cargo insurance?
Transporters reduce risk with cargo insurance. It protects goods in transportation. Cargo insurance protects businesses from accidents, theft, and natural disasters by recouping their losses. It gives buyers and sellers peace of mind, simplifies contractual and regulatory compliance, and gives organizations a competitive edge in international trade by establishing reliability and good business practices.
What risks are covered in cargo insurance?
Cargo insurance covers many transportation risks. Accidents like crashes, flipping, or sinking of the cargo truck or vessel are usually covered. Fire, explosions, storms, and earthquakes, as well as transit theft and pilferage, are covered. Cargo insurance may cover maritime transit general average contributions and losses from inappropriate handling or stowage. Check the policy for exclusions and coverage limits.
Who pays for customs clearance?
The contract of sale usually specifies who pays customs clearance expenses. Under Ex Works (EXW) arrangements, the buyer arranges and pays for customs clearance, including documentation and taxes. Under DDP, the seller arranges and pays for customs clearance, including import duties and taxes. However, the parties may agree to use customs brokers or freight forwarders, whose fees may be paid by the buyer or seller. To avoid confusion and disagreements, precise customs clearance agreements and prices are essential.
How long does customs clearance take?
Country, products, documentation correctness, and customs efficiency affect customs clearance time. For simple shipments, it can take a few hours to days, but complex situations, high-risk commodities, and difficulties can take weeks or months. Experts and good paperwork might speed up the process.
