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Custom Shipping and
Insurance
September
2023 Examination
1. You have started
your own import export business with good financial background. You also have a
good team of friends as partners who have good experience in shipping, freight
forwarding and customs clearance. Your company has been invited to fill one
tender for one project export from Mumbai to Singapore which is nearly a ship
load of goods. Please discuss with your team and suggest a suitable charter for
this job. (10 Marks)
Ans :
Introduction:
Beginning an
import-export business with a solid financial historical past is a promising
venture. Coupled with a competent group skilled in transport, freight
forwarding, and customs clearance, the muse for fulfillment is laid. The
company's current invitation to take part in a tender for a significant project
export from Mumbai to Singapore, concerning a shipload of goods, provides an
exciting possibility. in this discussion, we will explore the concept and
application of suitable charters for this task. by way of evaluating diverse
constitution alternatives, we aim
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2. You have joined as a
Head of Insurance section of one Construction Company. This company carries out
turn key projects all over the world. Your company got a contract to erect a
tower in Kolkata and all goods and manpower have to be sent from Mumbai. You
also have to hire some expensive machines from third parties to complete this
project. Please suggest a suitable insurance policy to your company to carry
out this project. (10 Marks)
Ans:
Introduction:
As
the pinnacle of the insurance section of a production corporation, I apprehend
the significance of mitigating dangers and protecting assets throughout
initiatives. In this example, our business enterprise has been offered a
agreement to erect a Kolkata tower with items and human assets sourced from
Mumbai. Moreover, we need to lease expensive equipment from 0.33 parties to
complete this undertaking. To ensure the clean execution of the assignment and
shield in opposition to ability losses, I advise imposing a comprehensive
3. An importer imported
50 Laptops from U S on FOB basis. During the examination of consignment the
customs broker found that the boxes were in damaged condition and 5 laptops are
missing. The importer is your friend and is asking:
a. whether he has to
pay duty for the missing 5 laptops (5 Marks)
Ans :
Introduction:
In
the given situation, you imported 50 laptops from us on a loose Board (FOB)
basis. However, upon exam of the consignment, it was discovered that the
packing containers had been broken, and five laptops needed to be fixed.
Concept &
application:
Regarding
customs duties, it is essential to notice that duties are commonly imposed on
imported goods primarily based on cost. The particular duty prices can vary
depending on the
b. how will he get the
insurance claim for these missing 5 laptops (5 Marks)
Ans :
Insurance Claim Process
for Missing Laptops in an Imported Consignment
Introduction:
In
international change, uploading goods comes with its fair share of risks,
damages, and losses at some transit points. Importers regularly opt for
insurance to mitigate such risks to guard their shipments. In this scenario, we
can speak about the idea of cargo insurance and the utility of coverage
insurance and conclude with essential steps your pal can take to make
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