{"@context":"https://schema.org","@type":"DefinedTerm","name":"Insurance obligation","description":"Protecting cargo against financial loss from damage, theft, or total loss is the core purpose of the insurance obligation – the legal or contractual requirement to insure goods in transit. Under Incoterms, the allocation of this duty is straightforward: CIF and CIP place it on the seller, while all other terms leave the buyer responsible for arranging adequate cover. Banks and issuing institutions routinely require proof of a valid policy before releasing letters of credit or trade finance facil","inDefinedTermSet":{"@type":"DefinedTermSet","name":"Frachtportal Logistics Glossary","url":"https://www.freight-academy.com/en/glossary"},"url":"https://www.freight-academy.com/en/glossary/insurance-obligation","inLanguage":"en","dateModified":"2026-06-22T18:16:38.481407","citation":"https://iccwbo.org/business-solutions/incoterms-rules/","markdownMirror":"https://www.freight-academy.com/api/md/glossary/en/insurance-obligation","provider":{"@type":"Organization","name":"Frachtportal","url":"https://www.freight-academy.com"},"quickSummary":"Insurance obligation · Protecting cargo against financial loss from damage, theft, or total loss is the core purpose of the insurance obligation – the legal or contractual requirement to insure goods in transit. · Quelle: https://iccwbo.org/business-solutions/incoterms-rules/"}