Virginia

HI Virginia,

I can take a quick attempt to answer, but I will use a very good video I found on youtube to help illustrate.

When goods are sold, they have also got to be transported and delivered to the buyer. A standard set of terms ( called International Commercial Terms (or "INCOTERMS" have been developed by the International Chambers of Commerce to help buyers and sellers agree on who will bear the cost of this transport and to what extent, who will bear the risk in transit, and at which point the title or ownership of the goods pass from the seller to the buyer. Buyers and sellers can use these terms to avoid misunderstanding and disputes when they trade. The following is an excellent video explaining the terms and what they mean and why they are needed.

INCOTERMS BASICS

INCOTERMS for MARINE INSURANCEINCOTERMS also help to specify who needs to insure the cargo. This video about Marine Insurance is a good explanatoion of this.

INCOTERMS also help to specify who needs to insure the cargo. This video about Marine Insurance is a good explanatoion of this.

USE in MARINE INSURANCEINCOTERMS

Hey guys! I just found an even better explanation for INCOTERMS here!here!