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Customs brokers liability insurance

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Ingosstrakh Insurance Company provides customs brokers’ liability insurance in line with article 140 of the Customs Code prescribing for the liability insurance to be one of the key terms for brokers to be included in the Register of customs brokers (representatives).

Insurance events include:

• Damage claims filed against a customs broker by the persons represented by him as a result of broker’s mistakes or negligence causing non-performance or undue performance of his duties under the agreement.

Insurable risks:

• Mistakes when determining customs charges payable by the represented person;
• Breach of customs declaration submission terms;
• Disclosure of trade secret, bank or any other legally protected confidential information provided by the represented person;
• Other customs operations’ mistakes.

Insurance compensation includes:

• Payment of penalties determined by the customs authorities for customs clearance mistakes or breach of customs declaration submission terms;
• Difference between the excessive customs charges paid by the represented person and the rate of actual customs charges;
• Essential and reasonable expenses associated with the preliminary establishment of insurance events’ circumstances and the extent of the Insured person’s guilt, as well as extrajudicial protection of the Insured person’s interests in the event of such claims being filed against him including expenses for experts’ services;
• Costs associated with the court and legal proceedings on the presumptive insurance events, including lawyer’s fees.

Insurance terms:

• Ingosstrakh Insurance Company represents your interests throughout the claim examination process. Legal defense can be provided either by Ingosstrakh lawyers or independent lawyers, whose services are also paid by Ingosstrakh.
• The Customs Code provides for brokers to insure their professional liability for the minimum amount of 20 million rubles.
• The average insurance premium amounts to 0.4% - 0.8%, is determined on the basis of the filled in questionnaire and depends on such factors as company experience, its turnover, number of employees involved in customs clearance etc.
• You may use the down payment terms.