Third party liability insurance to custom authorities

Third party liability insurance to custom authorities is a type of ensuring performance of obligations of customs payments in accordance with articles 338, 339,340,344, 345 of Customs Code of the Republic of Kazakhstan.

Object of insurance is a property interest of Insured related to occurrence of carrier’s responsibility to custom authorities due to non-fulfillment by Assured of obligations of consideration of customs payments and taxes stated by Customs Code of the Republic of Kazakhstan at the crossing of custom bonders.

Insurance event is an occurrence of carrier’s responsibility to custom authorities due to non-fulfillment by Assured of obligations of consideration of customs payments and taxes stated by Customs Code of the Republic of Kazakhstan at the cargo transportation across the border of the Republic of Kazakhstan.

Sum insured is set by mutual consent of the parties and can not be less that amount of customs payments and taxes payable in accordance with Customs Code of the Republic of Kazakhstan.

Indemnity is paid to custom authority in amount of actually incurred and documentarily proved losses (non-realization of customs payments).

Amount of actual loss is determined by Insurer based on a claim raised by custom authorities or on the court decision.

Insurance rate: from 0,3% to 2%.