Freight Forwarders Offer Transport Insurance


Business scope of freight transportation insurance

Whether it is related to natural disasters such as lightning, tsunami and earthquake, accidents such as ship grounding, collision and sinking, as well as external dangerous accidents such as fire, theft, breakage and vicious behavior of personnel on board, it shall be covered by import and export cargo transportation insurance provided by Jike logistics; The geographical scope of transportation insurance covers the whole world; Provide full insurance for import and export business of sea, land, air, railway and express with low deductible.

About CIF value, insurance amount, premium rate and insurance premium

Insured amount = CIF price × (1 + insurance bonus rate)

Premium = Sum insured × rate

Since the calculation of the insurance amount is based on the CIF (or CIP) price, if the CFR (or CPT) price needs to be changed to the CIF (CIP) price when making an external quotation, or when the buyer requests the seller to insure on behalf of the seller under the CFR (or CPT) contract, the CFR (or CPT) price should not be directly calculated based on the CFR price, but should be converted into the CIF (or CIP) price before the corresponding insurance amount and insurance premium are calculated.

(1) When importing by CIF: Insured amount = CIF price× (1 + insurance bonus rate)

(2) When importing according to CFR: the insurance amount = CFR price×1.1 / (1 - (1 + insurance bonus rate) × r), where r is the insurance rate, please find it in the relevant website of the "insurance company" in My City (city center), and add the insurance rate of the insurance object invested.

(3) When importing by FOB: insured amount = (FOB freight + sea freight) ×1.1 / (1 - (1 + insurance bonus rate) × r).

Note: According to the regulations of insurance companies, war insurance and strike insurance, if the insurance is added at the same time, the rate is not cumulative, and it is still calculated according to the rate of only one of the insurance types. That is, regardless of whether only one or both of them are insured, the insurance rate is 0.8 ‰.

Freight transportation insurance operation process

  1. Entrustment The client shall fill in the insurance information form and provide the name of the insured, description of the goods, insured amount, purpose, ship information, etc.

  2. Pre insurance According to the insurance company designated by the client, the agent shall issue an insurance pre insurance information form for the client to check the relevant information and confirm.

  3. Generate formal policy After the confirmation of the client, the formal insurance policy and freight insurance will take effect, and the agent will issue the original insurance policy and mail it to the client.

  4. Expense settlement The principal and the agent shall settle the insurance premium according to the insured amount shown in the insurance policy and the rate agreed in advance

Sample cargo transportation insurance policy

transportation insurance,freight forwarder insurance

China freight forwarder
JIKEship, a China-based global company, is trusted by clients for its professionalism, experience and quality service.

We use third-party cookies in order to personalise your experience.

Read our cookie policy