Insured Value (CIF � 110%)
Calculate the mandatory insured value for marine cargo according to standard ICC requirements.
USD
USD
%
Base CIF Value
USD 0.00
Markup Amount (10%)
USD 0.00
Total Insured Value
USD 0.00
The 110% Rule:
In international trade, it is standard practice (especially under Letters of Credit) to insure goods for 110% of their CIF value. This covers the cost of the goods, freight, insurance, and an additional 10% for the buyer's anticipated profit.
Insured Value = (CFR + Insurance) * 1.10