Constructive Total Loss :
Constructive Total Loss
An insurance loss where the expense of recov¬ering or repairing the insured goods would exceed their value after this expenditure had been incurred.
In the adjustment of constructive total losses, the value of any remaining salvage abandoned to underwriters may, by agree¬ment, be taken into consideration, with payment to the assured upon a net basis. Otherwise, underwriters pay full insured value and may then dispose of the salvage for their own ac¬count, provided they have elected to accept abandonment.
If the loss was due to sea peril, a master’s protest (also called captain’s protest) will usually be required. This certifies the fact that unusually heavy weather or other ex¬ceptional circumstance was encountered during the voy¬age and is extended to confirm the loss of the shipment in question. In claims for total loss, it is especially necessary that a full set of insurance certificates and bills of lading be submitted to the insurance company representative - abandonment - captain’s protest
A formal statement, made in a country of export by the consul of an importing country, describing goods to be shipped to the importing country - consular invoice
An invoice covering a shipment of goods certi¬fied (usually in triplicate) by the consul of the country for which the merchandise is destined. This invoice is used by customs officials of the country of entry to verify the value, quantity and nature of the merchandise imported - commercial invoice
Embassy officials who extend the protection of their home government to their country’s citizens and property abroad. They maintain lists of local attorneys, act as liaison with police and other officials and have the au¬thority to notarize documents.
– travel / customs
Any one of several official endorsements by a consul of a country. A consular visa can be issued for travel, consular invoices, certificates of origin, shipping documents and other legal documents.
The offices representing the commercial in¬terests of the citizens of one country in another country.
Any goods produced to satisfy the needs of individuals rather than those produced for the manufactur¬ing or production of other goods. Examples of consumer goods are food, clothing and entertainment products - capital goods
(a) A customs entry where the importer pays ap¬plicable duty and merchandise is released from customs custody at a port, foreign trade zone or from a customs bonded warehouse
(b) The formal process for entering commercial shipments of goods into the customs territory of a country
(c) A formal entry
- (U.S. Customs)
(a) A U.S. Customs entry where the im¬porter pays applicable duty and merchandise is released from customs custody at a U.S. port, foreign trade zone or from a customs bonded warehouse
(b) The formal U.S. Customs process for entering commercial shipments of goods into the Customs territory of the United States
(c) A formal entry
The entry of goods is a two-part process censisting of (1) filing the documents necessary to determine whether mer¬chandise may be released from Customs custody, and (2) filing the documents which contain information for duty assessment and statistical purposes. In certain instances, such as the entry of merchandise subject to quotas, all doc¬uments must be filed and accepted by Customs prior to the release of goods – entry
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