Goods are to be insured at 110% CIP value. Total invoice value for the goods isUS $26,000.00. The total ocean freight is US $6,000.00. Canadian inlandcharges and handling total is US $750.00. Marine insurance rate is 0.35%.What will be the insurance premium paid for this cargo? Select one answer.O US $126.53O US $126.99O US $127.95O US $128.89

CIP is Carriage and Insurance Paid. In this type the seller is…

Answered: poods are to be insured at 110% CIP…

poods are to be insured at 110% CIP value. Total invoice value for the goods is US $26.000.00 The total ocean froight ic LUS $G 000 0O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Goods are to be insured at 110% CIP value. Total invoice value for the goods is
US $26,000.00. The total ocean freight is US $6,000.00. Canadian inland
charges and handling total is US $750.00. Marine insurance rate is 0.35%.
What will be the insurance premium paid for this cargo? Select one answer.
O US $126.53
O US $126.99
O US $127.95
O US $128.89

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