Question:
I import product from China into North America on a regular basis.nbsp; The shipment values are small, maybe $5000 to $10000 USD each. Since we have many shipments (at least 2 per month) our prices are quoted FOB China and we hirenbsp;the freight comapny.nbsp; However, our freight company gives us the option of insurance or no insurance.nbsp; What should my policy be regarding whether to pay insurance or not.
Always ask for insurance, for the following reasons:
1. Anything can happen during the several weeks your shipment is on way, so you have some financial security.
2. The insurance policy can confirm your ownership of the goods in case there is any problem with the documents or your buyer needs some security.
First it seems useless, until the first shipment catches fire or gets seaspray.
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