Under CIF terms, the beneficiary of the insurance policy will be endorsed to the buyer. Once the claim is successful, the insurance company's foreign currency compensation will be directly deposited into the buyer's designated overseas company or personal account.

It is extremely dangerous and usually not allowed. This can easily trigger the anti-money laundering (AML) controls of China's foreign exchange administration. The remittance account title must closely match the contract buyer and the bill of lading consignee. If payment on behalf is necessary, a legally binding "Tripartite Payment Agreement" must be provided in advance and undergo compliance review by our finance department.

For older vehicles or those used in high temperature and humidity areas, we will focus on opening the hood to check if the insulation of the wiring harness in the high-temperature area of the engine compartment is cracked or brittle, to identify potential short circuit risks that could lead to spontaneous combustion.