Custom Shipping and Insurance
1. You have joined a company as an Imports Executive (Operations) in Mumbai. You have been sent to the sea port to do the customs clearance of an imported consignment. The consignment is on CIF basis. What would be your sequence of operations to clear this.
2. Your company proposes to import one Live Horse. You have been asked to check the foreign trade policy for its importability and the customs duty. You need to give the following details to the management:
a. Which chapter this Live Horse is classified in the customs?
b. Is it freely importable? If not what is the category of this import and how to import?
c. What is the rate of customs duty only.
3. One consignment in a 20 feet container was imported to Mumbai in July in FOB terms. The freight and insurance is to be borne by your company. After customs clearance, your customs broker transferred the consignment from the container to a truck to transfer to your factory. The entire consignment got wet in transit due to heavy rain.
a. How will you claim the insurance for this damage and what type of insurance policy will cover this type of damages?
b. What precautions should have been taken to avoid such damages?