What is a assurable value in customs.

In the context of customs and international trade, "assurable value" refers to the value of imported goods that can be reasonably determined and verified by customs authorities for the purpose of assessing customs duties and taxes. It is the value used as the basis for calculating applicable duties,

Assurable value is the total of CIF ( cost, insurance and freight) value of the item in local currency. this is the sum total of FOB ( Free on board ) item value freight insurance and other charges.

Learn the fullform of CIF and FOB first.

and ignore them while reading the sentence it will be easy for