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Secrets of International Trade ebook

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International Import Export eBook

 

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Marine Insurance defined...
Basically, it is a contract between one party (usually the exporter) and another party--an insurance Co. Marine Insurance is sometimes called ocean marine insurance to distinguish it from; inland marine insurance.

Very often, the exporter will quote an Incoterms 2000 CIF price to its foreign customer--an export price that includes the cost of the goods, the insurance and the freight, to a named point of destination.

If the quotation is accepted (Export Contract), the exporter will automatically be responsible for arranging the marine insurance.

 

Irrevocable letter of credit
Confirmed versus unconfirmed, from a bank, is still not a cast-iron guarantee of payment. Not every foreign bank is scrupulous or financially solvent.

Sometimes a foreign bank, will will not honor its own financial commitment or perhaps due to, the sudden imposition or alteration of foreign exchange controls in the importing country may make payment impossible, even though the foreign bank wishes to honor its commitment...More
 

 

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  Export Collection Procedure - involved the use of a documentary draft. The exporter delivers the draft to his bank, together with all the shipping documents, bill of lading, insurance certificate, consular invoice... The documents that are handed over to the importer may vary according to the type of merchandise and the foreign country involved; usually consist of several copies of each of:

bill of lading - representing title to the goods.

commercial invoice - showing the types, quantities, prices, payment terms, other details of the export shipment.

insurance certificate - indicating that the shipment has been been insured against various perils. Other documents - e.g. packing lists, inspection certificates, health certificates, certificates of origin, etc.

 

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