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.
This is considered a force majeure risk. We will require the vehicle's state of charge (SOC) to be maintained in a safe dormant range of 30%-50% before loading, and we will insure you for all marine risks under CIF terms. If the battery suffers thermal runaway total loss due to abnormal cargo hold temperatures, the insurance company will compensate.
No, it is absolutely impossible to get a refund. Not only will there be no refund, but if the proceeds from the port auction of the abandoned cargo are insufficient to cover the exorbitant demurrage and disposal fees, the shipping company and customs will still pursue you (the bill of lading recipient) for the remaining debt through international legal proceedings.
