When you are applying for a Carnet online, purchasing an insurance policy for your freight is of paramount importance. In the event that it’s impossible to re-export your goods, insurance will save you from headaches or even financial ruin.
According to the ATA Carnet Handbook, Part four, Annex B, Article seven, customs will not normally abandon their right to duties and import taxes, even if the goods in question are damaged, missing or destroyed. This can affect an importer/exporter in many ways. Perhaps the freight has been lost in transport or stolen. Maybe it was damaged to a degree that it no longer has export value. In extreme cases, goods might be completely destroyed by fire or other disastrous events. Whether or not you are at fault, you are not absolved of your responsibility to pay customs. Insurance guarantees that you can do so no matter what happens.
When you purchase insurance, select carefully. You’ll want to find an insurance company that will cover goods moved and stored outside of the United States. For this reason, it is best to obtain insurance from the same provider you used to file for a Carnet online whenever possible.
Even the most careful importer/exporter can sometimes fall victim to a loss of goods. If you have the foresight to purchase insurance on your Carnet, however, these events do not have to be tragedies.