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The affection of tariffs on marine cargo insurance, sự ảnh hưởng của thuế lên bảo hiểm hàng hoá trên biển, tiếng anh chuyên ngành kinh tế, tiếng anh chuyên ngành 2, marine cargo insurance, tiếng anh chuyên ngành, phân tích sự ảnh hưởng của thuế lên bảo hiểm ở nền kinh tế Mỹ
Let’s get started with the primary toic we will be covering today – The effect that the new tariffs could have on your marine cargo insurance needs The first issue to adress here is Why we choose this topic ? And Why is the muchdiscussed 232 and section 301 tariffs that are currently implemented or currently underview -Duty rate are on the rise: These tariffs curently stands as follow - 25% on steel imports into the US and 10% on aluminum And then there are lists currently published under the section 301 tariffs with only one list currently being enforced as of July 6th Also in more recent news, a duty rate of 25% may be imposed on list instead of the originally proposed 10% So as you can see it’s a very current news and there are still a lot of moving pieces but the truth of the matter is duties are on the rise and is going to affect many aspects of international trade beyond duty One aspect that has not really been really discussed much is how these higher duty rates may affect marine cargo insurance coverage -The primary way policy holders will be affected is in the valuation process for their policy So let’s take a quick step back and define valuation as it typically works Valuation is an estimation of the cargos worth which then informs the amount of coverage that the policy provides Historically, duty is not written into the valuation although it can be written in as a specific clause on your policy The way duty is factored into a policy is typically through a 10% uplift The standard in the industry is for valuation to be calculated as a basis of CIF+10%, which stands for cost, insurance and freight This means we would take the CIF value of the goods and then add 10% uplifft This uplift is to cover incidentals that arise during the importings process including items like duty port fees and broker fees Since duty rates were typically less than 10% in the past, this 10% uplifft was more than enough to cover all the incidentals Tariffs affect on valuation: How ever this is currently changing for a very large number of bussinesses as a result of the section 232 and the section 301 tariffs With duty rates increasing up to 25% on a variety of products, the typical 10% uplift may no longer be enough to cover a policyholders incurred duty and all of the other incidentals that can come up during a claims It is also important to understand that these tariffs will affect both businesses importing goods into the US and bussinesses exporting out to other countries A number of countries have begun to implement their own higher tariffs in retaliation(trả đũa) to section 232 and section 301 tariffs from the US So if your marine cargo insurance policy for shipments being exported to one of these countries, your policy may be affected as well Example of a claim adjustmentTo help clarify how this can affect a marine cargo insurance claim, let’s walk through an example of a claim for policy holders that is subject to a new 25% tariff that has an standard of 10% uplift on their policy Before we start this example, we need to define a term that will be used in this example claim The term is incurred duty(thuế phát sinh), so duty is considered incurred when the legal obligation arise….EX Therefore, if you’re bringing a shipment of goods into the US, the duty would be considered incurred if you have already paid it, the goods have arrived at the airport and the goods have been released by Customs If you prepaid your duty before they arrive at the port and something happens to your shipments while they’re in transit, the duties are not considered incurred since the goods were never officially entered into the country In that case, the prepaid duty would have to be refunded by Customs and wouldn’t be eligible to be included in a claim Example situation of how these higher tariffs may affect a marine cargo insurance claim Slide 6:24; In this example, we stuck two whole numbers for the sake of simplicity Let’s take an insurance policy holder that ships a CIF value of $100.000 is subject to the new 25% tariff, has a $1000 deductible and has no enhancement clauses or carrier compensation to take into account With an insurance policy written uder CIF+10 valuation, we would have the following potential coverage on a claim The total CIF value of $100000+10% uplift=$110000 This is the agreed value of the cargo Once you consider $1000 deductible That means the policy is able to pay out a total of $109.000 Slide 7:16 Now let’s consider that 25% duty rate In this claim we had a full loss of $100.000 of cost and freight With the duty rate of 25% the amount of incurred duty included in the claim is %25.000 That means the total loss amount is 125000 Now as we illustrated in the previoú slide, the total recoverable amount under the policy is 109.000 That means the insured is out 16,000 since the policy can’t cover any more than that But they had a 10% uplift so we didn’t include any port fees, broker fees or other incidentals that may built up So the difference between the loss amount and the total amount recoverable could potentialy be much larger -How can we prepare for this change? We can update our procedures in order to write policies as CIF+!0%+duty This change will enable the policies to be cover those higher expenses The trade off of this is that it may result a slight increase in premium since the overall value your policy covering will also be increasing This is just a approach since every marine cargo insurance policy is different Slide 9:12 Let’s go back to our previous example and see the result under a policy written under CIF+! 0%+duty We’re using the same number but now see that in additin to addig the 10% uplift, we’re also adding $25.000 since that would be the amount of duty paid on a $100.000 shipment at a duty rate of 25% So then after considering the $1000 deductible, the total the policy is able to pay out is $134.000 Slide 9:46 Now let’s see how that amount holds up on the same claim for full shipment loss and incurred duty at 25% The full loss is still $100000 in cost and freight with a duty rate of 25%, the amount of incurred duty isn’n included in the claim is $25.000 This means the total loss amount is $125.000 However, the total amount recoverable is $134.000, which we saw calculated in the previous slide There for in this situation, the full amount of loss would be recoverable with room for incidentals like port fees and broker fees that we didn/t consider in the example ... overall value your policy covering will also be increasing This is just a approach since every marine cargo insurance policy is different Slide 9:12 Let’s go back to our previous example and see the... an insurance policy written uder CIF+10 valuation, we would have the following potential coverage on a claim The total CIF value of $100000+10% uplift=$110000 This is the agreed value of the cargo. ..In this example, we stuck two whole numbers for the sake of simplicity Let’s take an insurance policy holder that ships a CIF value of $100.000 is subject to the new 25% tariff, has