Following the recent increase of U.S. import tariffs, updated insurance valuation is recommended.
Currently, the standard insurance basis is 110% of CIF value, covering mainly logistics-related expenses. For cargo subject to high tariffs in general, and especially for shipments to the U.S. under the new tariff orders, it is recommended to review with your marine/air cargo insurers the following alternative valuation bases such as:
- Cargo value + freight + applicable duty rate in the destination country
- CIF value + Duty & Customs + 10%
ICL Global’s Insurance Specialists are at your disposal to support reevaluations and provide any clarifications, details, or assistance regarding this matter – Contact: arie@ilcargo.com or your ICL Global point of contact.
ICL Global
For further information see: https://traderiskguaranty.com/trgpeak/tariffs-impact-cargo-insurance/
The information in this ICL Global Update Center is provided for general informational purposes only and does not constitute professional advice. While efforts are made to ensure accuracy and timeliness, the content may contain third-party information or links that are beyond our control and may change without notice. We make no warranties regarding completeness, reliability, or suitability. Readers should verify all information independently before taking any business, financial, or operational action.
