TMI BlogImport protectionX X X X Extracts X X X X X X X X Extracts X X X X ..... Suppose I am an Importer I have done deal in LC at sight incoterm is CIF. Now as per LC the Supplier (Exporter) will receive money against documents. As an Importer I will receive goods later. Now I found that the goods are received in damaged condition. Exporter has got clean B/L so he is saved. Now who will pay me if I have got cover C as per CIF ?? In cover C damages of goods in not cover I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suppose. Is cover A required ?? - Reply By Kishan Barai - The Reply = Please also suggest the best possible way to protect Import in most secured way. Thanks - Reply By raghunandhaanan r vi - The Reply = Sir, Since the term is CIF, supplier would have taken insurance coverage against damage etc. it is better to see the insurance coverage as to whether the insurance is covered for warehouse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to warehouse. If so, you are safe and supplier may able to reimburse the cost Please correct me if i am wrong tnx - Reply By Kishan Barai - The Reply = Best would be insurance cover A as it would cover all risk. But insurance co provide insurance without looking at cargo. Insurance company do spot survey when claim is asked for, When you receive cargo in damaged condition if the cargo is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... poorly Packed you might not get any money for insurance. Even if the mode of payment is LC incoterm is CIF. Exporter will get money against documents Importer will receive damage cargo in above case. I hope you are getting my point. Please reply.. Thanks Sir. - Reply By raghunandhaanan r vi - The Reply = Yes Sir. Your points also noted. In such cases, it would be better to mention in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LC all the conditions like export worthy packing / palletization/ lashing etc that the exporter is suppose to taken care of in order to protect your interest. So I hope there may not be any issue at later date Thanks - Reply By Kishan Barai - The Reply = Respected Sir, In LC bank only deals with documents not with the goods. What ever the conditions of goods / palate / cargo is not ment to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... checked by banking authority. They only need to check documents, that the legal point of view. I hope you are getting my point. Please reply sir. - Import protection - Query Started By: - Kishan Barai Dated:- 4-5-2016 Customs - Import - Export - Customs - SEZ - Got 5 Replies - Customs - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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