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March 26, 2020 - The International Commercial Terms (INCOTERMS) 2020 has been linked in clause 3 of the Shipping and Insurance policy. Differences between Incoterms 2010 and 2020:- The Incoterms FCA (Free Carrier) now provides the additional option to make an on-board notation on the Bill of Lading prior loading of the goods on a vessel.- The costs now appear centralized in A9/B9 of each Incoterms rule.
- CIP now requires at least an insurance with the minimum cover of the Institute Cargo Clause (A) (All risk, subject to itemized exclusions).
- CIF requires at least an insurance with the minimum cover of the Institute Cargo Clause (C) (Number of listed risks, subject to itemized exclusions).- The Incoterms rules Free Carrier (FCA), Delivered at Place (DAP), Delivered at Place Unloaded (DPU) and Delivered Duty Paid (DDP) now take into account that the goods may be carried without any third-party carrier being engaged, namely by using its own means of transportation.
- The rule Delivered at Terminal (DAT) has been changed to Delivered at Place Unloaded (DPU) to clarify that the place of destination could be any place and not only a “terminal”.- The Incoterms 2020 now explicitly shifts the responsibility of security-related requirements and ancillary costs to the seller.
2015 - Reviewed and edited (no substantive change) in Q4.