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.

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.

It depends on the situation. If the video inspection reveals significant mechanical faults or structural damage not disclosed in the inspection report, the deposit will be refunded 100% unconditionally; however, if the buyer defaults for subjective reasons (such as suddenly not liking the color or financial issues), the deposit will be retained as compensation for taking the vehicle off the market.