How are Import Duties and Taxes Calculated?

How are Import Duties and Taxes Calculated?

Those curious about how import duties, tariffs, and taxes are calculated can find out more in this condensed guide. Duties, tariffs, and taxes are something that all importers are familiar with. These government expenses are calculated using specific and regulated methods. How Import Duties and Tariffs are Calculated Step 1: Determine the duty percentage rate…

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Cargo Insurance Premium Adjustment Options

Cargo Insurance Premium Adjustment Options

It’s beneficial for shippers to know what cargo insurance premium adjustment options are available to find the best fit for their business. Marine cargo insurance premiums are generally implemented using an open policy or a flat annual policy, which dictates how a shipper’s premium will be evaluated and paid. On top of choosing a premium…

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What is the difference between taxes, duties, and tariffs?

What is the Difference Between Taxes, Duties, and Tariffs?

Taxes, duties, and tariffs are often and easily confused with one another when it comes to international shipping. Importers need to understand what they mean and what the key differences are. Duties and tariffs are different types of taxes imposed on foreign goods. A tax is a charge imposed on a taxpayer by a government….

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Cargo Insurance Risk Management Options

Cargo Insurance Risk Management Options

When insuring their cargo, importers will need to decide what risk management option is ideal for their business. When purchasing Marine Cargo Insurance, Importers must choose if they want to insure their goods shipment-by-shipment or use an annual policy. For an importer to choose the risk management option that is right for them, they must…

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What is an Endorsement Clause?

What is an Endorsement Clause?

An insurance endorsement clause, also called a rider, is an amendment attached to an insurance contract that adds, removes, or changes the policy’s coverage. An endorsement clause can be added when a Marine Cargo Insurance policy is issued, during the policy term, or when the policy is renewed. It can increase or decrease insurance costs,…

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What is Marine Cargo Insurance?

What is Marine Cargo Insurance?

Marine Cargo Insurance covers the loss, damage, or theft of commodities while in transit between the point of origin and final destination. This is also known as shipping insurance or freight insurance. Marine Cargo Insurance is one of the most essential branches of insurance and an indispensable aid to international trade. Cargo Loss and Damage…

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