INCREASED VALUE (DUTY AND/OR TAXES) CLAUSE

To cover increased value of cargo by reason of payment of duty and/or taxes at the port or place destination but to apply only as such duty and/or taxes are imposed. Subject to the same clauses and conditions as the insurance on cargo and to pay the same percentage of loss (excluding charges and expenses) as the original insurance but excluding claims in respect of :-

  1. Total loss of whole or part of the cargo prior to the duty and/or taxes becoming payable.
  2. General average, salvage and/or salvage charges arising from any casualty occurring prior to the duty and/or taxes becoming payable.

Liability hereunder shall be calculated on the actual amount of duty and/or taxes paid or the amount insured whichever is the lower and in ascertaining the amount of claim recoverable hereunder, credit shall be given for any rebate or refund of duty or taxes, which may become allowable.

Warranted that the Assured will use reasonable efforts to obtain abatement or refund of duties and/or taxes paid or claimed in respect of goods lost, damaged or destroyed, and when underwriters so elect shall surrender any portion of the merchandise to the Customs and/or other Authorities concerned, in which event the claim hereunder shall be for the value of the said merchandise so surrendered and the expenses incidental thereto.

 

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