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This useful video runs through the issues and rationale behind Incoterms®2020 and also offers a clarity around the insurance issue. Many people think that insurance is only covered in two terms, CIP uses Cargo Clause ‘A’, and CIF which uses Cargo Clause ‘C’ which is more extensive than ‘A’, however, it is open to the parties to agree on a higher level of cover. In this video the presenters refer to insurance as negotiable which all things are unless a firm commitment has been made to a specific term.
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