Import Duty Insurance is a type of insurance that protects importers from financial losses

Import Duty Insurance is a type of insurance that protects importers from financial losses due to damage or loss of imported goods while in transit. This is also known as marine cargo insurance. The purpose of Import Duty Insurance is to ensure that the Indonesian government can compensate for loss or damage to imported goods before import duties and taxes are paid. It also helps protect importers from financial risks associated with loss or damage to goods in transit. Import duty insurance premiums are based on the value of goods imported, type of goods, and route of travel. An import duty insurance policy will cover the costs of damage or loss to imported goods, up to the insured amount. There are two types of Import Duty Insurance: 1. Full Risk Insurance: This type of insurance covers the entire value of imported goods, including import duties and taxes. 2. Limited Risk Insurance: This type of insurance only covers part of the value of imported goods, usually around 110% of the CIF (Cost,