- Calculate the insured value and determine the insurance premium for the following shipment on 110% of CIP value. Insurance premium at 0.35 of the insured value, all risk

Seller: Daewoo Ltd., Soul Korea Buyer: Alfa Electronics distribution, Windsor, ON Commodity: External Hard Drive Price: US $20 each. Ex-Daewoo factory in Korea Quantity: 10,000 units Packaged: 10,000 cartons loaded on 20 pallets each include 500 units Terms of delivery: CIP Toronto, Incoterms 2020 Mode of transportation: Ocean Freight Shipment details: Loaded: door Seoul Korea, 1X 40-ft Standard TRCA 19671707-9 Port of loading: Busan, Korea Port of Discharge: Vancouver, Canada Delivery: CY Toronto Vessel: S.S. Maruni, Voy:919 Sailing: November 11, 2020 Freight charges: Inland transport Korea: US $450 Ocean Freight: CY Busan-CY Toronto, US $ 2,200 Documentation: US $ 120