This type of insurance is available to cover
shipments of merchandise or goods by land, air or sea, from warehouse
to warehouse anywhere in the world, either incoming or outgoing.
Inland freight insurance is also available.
Rates.
Depend on the nature of the goods being transported, type of packing,
method of transportation, and from where or to where the goods are
being shipped, as well as volume. Premiums are payable in advance.
Policies can be closed (one trip), or open (covers all shipments
made during the life of the policy).
For closed policies.
Applications should be made about one week prior to shipment.
For open policies, an estimated premium is paid in advance, then
adjusted yearly following monthly reports of actual movements of
goods as reported to INS by the insured.
Premiums.
Are a percentage of the value of the cargo, and vary depending on
type of merchandise, method of transportation, type of packing,
distance and route to be covered, duration, etc. Rates usually run
between 0.25 and 1.5%. To the resulting premium add 13% for Sales
Tax.
Disclaimer: This document is intended
as a summary of most relevant points of the insurance policy; as
such, it does not contain every provision stated therein. |
