Logistics-Specifi c Aspects of Cargo Insurance: Ideals and Realities of International Chamber of Commerce Recommendations

Tatyana Nikolayevna Polyanova and Egor Vadimovich Pak
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Tatyana Nikolayevna Polyanova: Moscow State Institute of International Relations(MGIMO University), Moscow, Russia
Egor Vadimovich Pak: Moscow State Institute of International Relations(MGIMO University), Moscow, Russia

Russian Foreign Economic Journal, 2023, issue 3, 97-105

Abstract: As of today, cargo insurance in international merchandise trade is optional unless agreed in the contract. Thus, the paper critically investigates six standard positions regarding cargo insurance stipulated in CIF and CIP bases (INCOTERMS-2020). It has been revealed that in some cases the related recommendations of the International Chamber of Commerce (ICC) do not coincide with the evidence from the field. With the ongoing transformation of international economic relations (incl. economic sanctions regime imposed on Russia by the West), the authors stress that the basic approach to cargo insurance provided by the ICC is still adequate enough. However, it might be subject to some alterations in case of imports to Russia.

Keywords: cargo transportation insurance; cargo insurance; INCOTERMS-2020; international merchandise trade; Russia’s foreign trade; economic sanctions; International Chamber of Commerce; Institute cargo clauses (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2023_03_97-105

DOI: 10.24412/2072-8042-2023-3-97-105

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