Insurance Requirements in Incoterms® 2020

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

Under Incoterms® 2010 Rules, as in prior editions of these Rules, CIF and CIP clauses set forth a duty to insure requiring the seller to insure the goods under Institute Cargo Clauses (C) of the Institute of London Underwriters. Under Incoterms® 2020 Rules, the International Chamber of Commerce upgraded the default level of insurance coverage required on the goods under CIP, while maintaining the previous default level of insurance coverage required on goods sold under CIF. The former, but not the latter, now points towards the use of Institute Cargo Clauses (A). This chapter aims to identify and assess the legal and commercial implications of this change, under the framework of the United Nations Convention on Contracts for the International Sale of Goods.
Original languageEnglish
Title of host publicationResearch Handbook on Marine Insurance
EditorsÖslem Güsles
Place of PublicationUnited Kingdom
PublisherEdward Elgar Publishing
Edition1
Publication statusAccepted/In press - 2024

Publication series

NameHandbooks
PublisherEdward Elgar Publishing

Keywords

  • cargo insurance
  • Incoterms
  • passing of risk
  • trade usage
  • CIF
  • CIP

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