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Secrets of International Trade

 

Export Insurance

 
 

"Responsibility for Insurance. Usually, the exporter will quote a C.I.F. price to its foreign customer..."
 

C.I.F. is an export price that includes the cost of the goods, the insurance and the freight, to a named point of destination.

  


 

 
 
Part 1/2
Insurance for exporting, marine insurance defined & the need for marine insurance.

To be protected from financial loss as a result of this risk, either the firm that sells the goods or the firm that buys them, arrange for insurance.

Various statutes, plus the printed clauses in ocean bills of lading the contract between the shipper and the carrier, limit the liability of the shipping company for such losses.


 

 
 
Part 2/2
Who are responsible for insurance & the advantage for arranging insurance

When an exporter C.I.F. quotation is accepted (see Export Contract), the exporter will automatically be responsible for arranging the marine insurance.

Even though the export price may be F.A.S. (free along side), the exporter may still be responsible for arranging the marine insurance.

 
 
 

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