Flat Rate for Insurance
Traders may use the flat rate of 1% for insurance to compute the Customs value of imports:
- For transaction values quoted in Cost and Freight (CFR) International Commercial Terms (incoterms)^ and,
- Where the actual insurance charges are not known or not available to the importer
No Insurance Purchased
Traders can set the insurance to zero value if no insurance charges were incurred when importing the goods.