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.
Our foreign versions of the report standardize terminology and include illustrations. For example, instead of just writing "control arm failure," we specify "Lower Control Arm Bushing Torn" to help your local technicians identify the issue directly.
It will cause serious obstacles. China's foreign exchange controls are extremely strict. If the remittance note and the remitter do not match our declared contract, the bank will reject the transaction (Pending). We will need to spend several days submitting additional explanations to the foreign exchange authority, which will inevitably delay the shipping schedule.
