What Incoterms® are and how they affect liability and the need for insurance
When buying, selling or shipping goods globally, you need to understand Incoterms®. They affect the responsibilities of the different parties involved and your need for any insurance in the event of unforeseen incidents.
What are Incoterms®?
Why Incoterms® matter
- EXW: Ex-Works
- DAP: Delivered at Place
- DDP: Delivered Duty Paid
- CFR: Cost and Freight
- CIF: Cost, Insurance and Freight
How to work with Incoterms
Know the timing
Make sure the Incoterm you choose fits your logistics
Be specific about the place
Think about duty and customs
Ownership does not mean liability
Understand when insurance is needed for each Incoterm
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