The formula of cargo insurance cost is as follows: take the insured value and times it by the policy rate to get the insurance premium rate per single shipment. Remember, this depends on which insurance provider you choose, and what type of cargo you’re insuring.
Let’s do the math: If the value of your commercial invoice is $50,000, and your insurance provider charges you $.50 per $100 with a $10 minimum for its policy. Your commercial invoice value sits at $50k, and your insurance then at $250.
This figure is for the most basic policy, so even though it insures the entire value of your shipment, it might lack those added extras offered in other insurance policies.