The 60,000 Cr. in the example would be paid before leaving dock with the cargo. If the cargo were then to be sold for 10% more than purchased for then that would be 120,000 Cr gross profit on the sale itself. Taking into account the cargo insurance cost the net profit (before fuel, repairs, wear and tear) would be 60,000 Cr.
If the 5% were to be taken at sale, what happens if the ship is destroyed and the cargo is not sold?
If the margins are too low then maybe insurance would not a profitable option - a bit like running without shields - it's a conscious risk taken by the player.
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It would be 50k Cr. to insure a million credit cargo at 5%.
Good point about the potential exploit - dropped / abandoned cargo would need to be removed from the cargo insurance cover as soon as it left the ship.