Trading globally involves risks, but having international cargo insurance is one of the best ways to offer peace of mind to both the buyer and the seller. Ascent Global Logistics wants your shipments to be monetarily safeguarded against physical loss or damage while in transit. If you have shipped many times before, or are new to the international shipping trade, it is worthwhile to review how insurance can help your company be protected.
The International Chamber of Commerce (ICC) has recently published its new version of Incoterms 2020. The Incoterms rules help individuals and companies that participate in the import and export of global trade on a daily basis. These essential terms of trade can be found in the newly published guide, now available for purchase from the ICC.
In this Article:
- What does Incoterms do?
- What does Incoterms not do?
- How are Incoterms used?
- What happens to existing contracts?
- Main changes to Incoterms 2020
Cargo insurance is one of the most proactive steps companies can take to protect their supply chain. Insurance safeguards shippers' financial investments during domestic and international transit, when product is the most vulnerable. While in transit, cargo is susceptible to natural disasters, severe weather, theft, pilferage, damage, fire and other challenges.
Earlier this month, a fire broke out on the Hapag-Lloyd vessel Yantian Express as it departed from the Canadian port of Halifax. Attempts to extinguish the fire were immediate, but weather hampered the efforts. Now, Hapag-Lloyd has formally declared General Average on its fire-stricken vessel and has diverted the vessel to the Bahamas for salvage purposes.