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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
How much is the estimated 120% CIF value? *
$2,964,000
$2,970,736.92
$2,476,322.44
$2,981,987.48
$2,971,586.93
What is the amount of insurance premium on this cargo? *
$10,400.55
$8,667.13
$10,436.96
$10,374
$10,397.58
How much is the actual CIF value? *
$2,476,322.44
$2,486,759.40
$2,981,987.48
$2,480,436.96
$2,484,989.57
The issuance of a letter of indemnity holds ____________ harmless against any claims in the context. *
the carrier
the freight forwarder
the shipper
the consignee
All of the above
Which Institute Cargo Clause does not cover war? *
Institute Cargo Clause A
Institute Cargo Clause B
Institute Cargo Clause C
All Institute Cargo Clause A, B and C cover this risk
None of the Institute Cargo Clause A, B and C cover this risk
Answer & Explanation
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