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Case #2:

Using the following information, answer the following 3 questions: A shipper has the following cargo and associated freight Costs: 2 x 40-ft containers said to contain iPhone 12 Pro Max. Invoice value of each container: CAD1,235,000.00 Ocean freight Montreal to Port of Nagoya, Japan: JPY85,032/ container Pre-carriage Ottawa to Montreal: CAD 2,125.00/container All risk marine premium rate at 0.35% The exchange rate is CAD1.00 = JPY82.06

1. How much is the estimated 120% CIF value?

a. $2,476,322.44 b. $2,971,586.93 c. $2,970,736.92 d. $2,981,987.48 e. $2,964,000

2. What is the amount of insurance premium on this cargo? * a. $10,374 b. $10,436.96 c. $10,397.58 d. $10,400.55 e. $8,667.13

3. How much is the actual CIF value?*

a. $2,981,987.48 b. $2,480,436.96 c. $2,484,989.57 d. $2,486,759.40 e. $2,476,322.44

4. The issuance of a letter of indemnity holds harmless against any claims in the context. * a. the carrier b. the freight forwarder c. the shipper d. the consignee e. All of the above

5. Which Institute Cargo Clause does not cover war? a. Institute Cargo Clause A b. Institute Cargo Clause B c. Institute Cargo Clause C d. All Institute Cargo Clause A, B and C cover this risk e. None of the Institute Cargo Clause A, B and C cover this risk

Please provide relevant answers with step by step solution of each answer.

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