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STEP 17: EXPORT DOCUMENTATION
You are here: Step 17: Export documentation > Marine insurance > Insurance premium  
The insurance premium

The marine insurance premium

The premium, which must be paid to an insurance company in order to effect insurance cover, is expressed as a percentage of the value declared for insurance purposes. The cost of the premium amount will increase or decrease in accordance with the insurer's estimate. The insurer bases his estimate on the following:

  • The nature of the goods
  • The value of the goods
  • The journey along which the consignment will travel
  • Any inherent risks the products may possess
  • The destination to which the goods will travel
  • Any political risk, or strikes riots and civil commotions that could effect the delivery of the goods
  • The extent of cover the assured is requesting for example: Fortuitous risk catastrophe risk and risk cover which is outside of the control of the cargo owner such as the theft and pilferage

Calculating the marine insurance premium

Marine insurance premiums are calculated as follows:

CPT or CFR value Euro 43 000.00
add 10% for escalation costs Euro 4 300.00
Total Euro 47 300.00
Now multiply the total by the insurance premium which was quoted by the insurance company (assume 0.535%) x 0.525% (premium)
The insurance payable is thus: Euro 248.85

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Step 17: more information

Step 17: Export documentation
      Documents involving the importer
      Documents required to export goods from South Africa
      Documents required for transportation
      Documents required for payment
       Marine Insurance
             .Utmost good faith
            .Duration of cover
            .Insurable interest and value
            .War risks
            .Marine cover
            .General average

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More information on Step 17
Learning to export... The export process in 21 easy steps
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Step 3:Export readiness
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Step 15: Producing the goods
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Step 17: Export documentation
Step 18: Providing follow-up support
Step 19: Getting paid
Step 20: Reviewing and improving the export process
Step 21: Export Management
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