Settlement Report

A Settlement Report is a formal document in foreign trade, issued by the claiming party (such as an insurance company or carrier) or the claimed party (such as an exporter or importer) in scenarios like insurance claims, cargo damage, or trade disputes. It records the claims handling process, determination of liability, loss amount, and final compensation plan. Usage scenarios include: marine cargo insurance claims, letter of credit disputes, carrier liability claims, etc. Notes: The report must be based on evidence such as contracts, bills of lading, and insurance policies, and clearly establish liability; the amount calculation must comply with the contract or international conventions (e.g., Hague Rules); the report should be confirmed by all parties and serve as the basis for settlement. It differs from an 'Inspection Report', which only records cargo condition, while a Settlement Report includes the compensation decision; it differs from a 'Claim Letter', which is a claim request, whereas a Settlement Report is the handling result. Foreign trade practitioners must ensure the report is accurate and timely to avoid claim invalidation due to delay.