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QUESTION 1 ) Calculate insurance premium for the following shipment at 110% of CIP value: (Show your work) Two 20-ft containers valued FCA: US$42,000.00 total

QUESTION 1 )

Calculate insurance premium for the following shipment at 110% of CIP value: (Show your work)

Two 20-ft containers valued FCA: US$42,000.00 total

Ocean freight: US$7,000.00 total

Canadian land and handling: US$1,100.00 total

Marine premium rate: 0.35%

Answer:

QUESTION 2 )

Calculate the 110% CIP value for the following cargo and associated freight costs: (show your work)

six 40-ft containers said to contain laptops

Invoice value of the cargo: CAN$180,000.00

Ocean freight Montreal to Hamburg : US$2,100.00 per container

Pre-carriage Toronto to Montreal all in: CAN$350.00 per container

All risk marine premium rate at 0.35%

The exchange rate is US$ 1 = CAN$ 1.3

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