Work out your insured value
Insure for the full cost of getting the goods to you, plus 10% for expenses and margin — that is the CIF + 10% rule of thumb used across international trade.
| Goods value | 40,000 |
|---|---|
| Freight | 3,500 |
| CIF | 43,500 |
| + 10% | 4,350 |
| Insured value | 47,850 |
Beware of underinsurance
If you insure for less than the real value, any partial claim is reduced in the same proportion: insure 50% of the value, lose half the shipment, recover half the value of the damaged goods.
Have these documents ready
- Commercial invoice or order invoice
- Ocean or air bill of lading, or tracking number
- Goods description and HS code, if you have it
- Packing or container type
- Expected shipment date
Questions
What rate is used for the premium?
The rate is set by underwriting per shipment — goods, route, packing and cover conditions. The insured value is the amount the rate is applied to.
Is CIF + 10% mandatory?
It is the market convention and the minimum an Incoterms CIF sale must provide. You can insure a different amount, but underinsuring reduces partial claims.
Who issues the certificate once I have the value?
The certificate is issued by the licensed insurance provider behind the platform, based on the value and details you confirm.