Incoterms® (International Commercial Terms) are internationally recognized terms used worldwide in domestic and international contracts for the purchase and sale of merchandise.  

These “commercial terms and conditions” specify the duties and obligations of importers and exporters, as well as the conditions to be observed for the export of products.

These rules help to establish an operational order, and thereby reduce the possibility of controversial interpretations, and of losses to one of the parties involved.   

Here, it is important to mention that Incoterms do not define rules for any other parties, such as, for instance, insurers.  

Although there is no relationship, Brazilian insurers adopt Incoterms as a clause for the international cargo transportation insurance policy, for the purpose of identifying the moment when the responsibility for the merchandise negotiated is transferred.     

Furthermore, the Incoterms 2010 version mentions the insurance requirement in only two instances: CIF (for waterborne transportation), and CIP (for other means of transportation).