B-6-37- Insurance and Incoterms



6-37-1- Compulsory insurance with the two Incoterms: CIP and CIF

The two CIF and CIP require minimum insurance coverage for damage and risks during the transport. As already described in the detailed descriptions of the Incoterms CIP and CIF, the importer may request the purchase of additional collateral as a guarantee against war, strikes and/or theft.
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The amount equals the CIF price + 10%. It's also important to verify, as with any insurance, the amount of the deductible and the duration of the coverage. It is also important to know the reputation of the insurer.

6-37-2- Non-compulsory insurance

In this case, as mentioned in the chapter on insurance, the insurer will implement the necessary recourse against the company responsible for the damage.