Dear specialists,
Can a credit ships goods under CIP INCOTERMS 2020 calls for Insurance policy/certificate covering customary risk ??!
Thank you for your advices.
Insurance requirement under CIP
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MinhNguyen
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picant
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Re: Insurance requirement under CIP
Hi Pal,
Art 28 g) UCP 600 speaks about this possibility, stating that it is an imprecise term, however Incoterm 2020 for CIP requires
an insurance type C. It is the issuing bank that may require an insurance Institute Cargo Clause "A" to have a good cover.
For some commodities insurance cover is the Carrier's own insurance, may be limited to a specific amount.
Other comments appreciated
Ciao
Art 28 g) UCP 600 speaks about this possibility, stating that it is an imprecise term, however Incoterm 2020 for CIP requires
an insurance type C. It is the issuing bank that may require an insurance Institute Cargo Clause "A" to have a good cover.
For some commodities insurance cover is the Carrier's own insurance, may be limited to a specific amount.
Other comments appreciated
Ciao