April 09, 2020 | Industry Insights | Jason Palumbo
Understanding Incoterms 2020 | Roanoke Trade
Understanding the Changes that Impact Insurance
Recently, Roanoke President, Karen Groff, was featured in the NCBFAA monthly newsletter to talk about the release of Incoterms 2020. The NCBFAA, or National Customs Brokers and Forwarders Association of America, has been a prominent and effective voice for the industry since 1897, and they closely watch over legislative and regulatory issues that affect their members.
With the recent release of Incoterms 2020, some additional clarity has been provided to address some points of the confusion in the 2010 version. Karen Groff wrote a piece designed to help the industry absorb this information and understand exactly how it impacts insurance moving forward, and the NCBFAA published her message to keep its members at the forefront of these important changes.
While we strongly encourage you to read the full article from the NCBFAA Newsletter, we have compiled a few of the major takeaways for the logistics and trade industry as a whole. In general, the changes have been regarded as positive up to this point, but need to be carefully read and understood.
Some of the general highlights include:
The Difference Between Cargo Clauses – In the article, Karen Groff explains in detail that Cargo Clause C only accounts for “named risk” coverage, while Cargo Clause A is designed to provide “all-risk” coverage.
Changes to CIP – Another relevant topic covered in the article is the increase of the minimum insurance requirements for goods traveling CIP (Carriage and Insurance Paid To).
Newly Released Mobile App – To improve the understanding of the Incoterms 2020, the ICC has released a very useful mobile app for the cargo industry to use as a resource.
The biggest thing to understand from the newly released Incoterms 2020 is that the ICC has taken great strides in providing additional clarity and understanding for those in the cargo industry.
For additional in-depth insights into Incoterms 2020, please watch the recording of our webinar hosted by Rick Bridges and presented by Pam Holdrup and Cheryl Fee of Proven Logistics Solutions.
About Karen Groff, President of Roanoke Trade: Since 2017, Karen has been responsible for the leadership, management and directional planning of Roanoke Trade. With more than 24 years of experience within the company, her dedication to the industry shines through and allows her to continue to be a champion of highest level customer service, cost-saving automation and creative client solutions.