Final answer:
To determine the insurance premium on the shipment, calculate the value of the insurance by multiplying the value of the shipment by the insurance rate. Convert the insurance value from US dollars to Canadian dollars using the rate of exchange. The insurance premium is CAD$585.00.
Step-by-step explanation:
To determine the insurance premium on the shipment, we need to calculate the value of the insurance. The value of the shipment is US$60,000.00 and the insurance rate is 0.75%. First, we need to calculate the value of the insurance by multiplying the value of the shipment by the insurance rate:
Insurance Value = US$60,000.00 x 0.75% = US$450.00
Now, we need to convert the insurance value from US dollars to Canadian dollars using the rate of exchange. The rate of exchange is US$1.00 - CAD$1.3:
Insurance Value in CAD = US$450.00 x 1.3 = CAD$585.00
Therefore, the insurance premium from your Canadian Forwarder on the shipment is CAD$585.00.