Customs policy for warehouses - All risk insurance: AnandRathi Insurance Brokers

The Central Board of Excise and Customs has issued a notifications in May 2016 which makes it mandatory for customs bonded warehouse licensee to take an all risk insurance policy for the amount of the duty payable on the goods held in the warehouses.

A seminar was organized by Anand Rathi Insurance Brokers, who have designed a tailor made policy for the Customs Department. The policy framework was unveiled today by Mr. G Srinivasan, CMD New India Assurance along with Commissioner of Customs, CBEC Mr Sandeep Kumar and Chairman, Anand Rathi, Anand Rathi Group. Claims incurred under the policy will be payable directly to the Government exchequer, thus protecting the department from customs duty losses due to fire, floods,theft, burglary, fraud and even skilful pilferage. The seminar was well attended by public insurers, customs officials and warehouse owners / industry associations.

Source : Equity Bulls

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