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Which of the following rules specifies whether the importer or exporter is responsible for insuring cargo?
Suggested Answer: A
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33 comments · newest first
MA
Margot
10 months ago
I was surprised to learn that too, but Incoterms really do clarify it!
CA
Catalina
10 months ago
Nah, it's all about Incoterms, no doubt there.
AN
Annamae
10 months ago
It's definitely the Incoterms rule that covers insurance responsibilities.
PA
Paola
10 months ago
Totally agree, Incoterms are key for that!
KA
Karol
10 months ago
Wait, are you sure? I thought it was the Shipper's rule.
JO
Josephine
11 months ago
I feel like the Shipper's rule could be a possibility, but I also remember Incoterms being the main reference for these kinds of questions.
JA
Jacki
11 months ago
I’m a bit confused about this one. I thought the WTO had some guidelines, but I can't recall if they specifically cover insurance responsibilities.
ST
Stefania
11 months ago
I remember practicing a question similar to this, and I think the answer was related to Incoterms too. It defines who pays for insurance, right?
DO
Dorsey
11 months ago
I think it might be the Incoterms rule, but I'm not completely sure. We covered it in class, and it seemed important for shipping responsibilities.
FR
Fredric
12 months ago
Okay, I've got this. Incoterms are the internationally recognized commercial terms that cover things like cargo insurance responsibility. That's the rule I'm going with.
DE
Dewitt
12 months ago
I'm a bit confused by the options - I don't recognize Lloyds of London or the Shipper's rule as standard trade terms. I'll have to narrow it down.
JE
Jenise
12 months ago
Incoterms definitely sound like the right answer here. I remember learning about how they specify responsibilities like cargo insurance.
JO
Joseph
1 year ago
Hmm, I'm not totally sure about this one. I'll need to think through the different international trade organizations and rules.
VI
Victor
1 year ago
I'm pretty sure this is an Incoterms question, so I'll focus on reviewing those rules.
EV
Evette
1 year ago
Incoterms rule, of course! It's like the UN of international trade terms - you can't go wrong with that.
DE
Denise
1 year ago
The Shipper's rule? Sounds like something my grandpa would make up. I'm going with the Incoterms, it's the only one that makes sense here.
TE
Teri
1 year ago
Yeah, the Shipper's rule does sound a bit old-fashioned. Incoterms rule seems like the right choice.
MA
Margo
1 year ago
I agree, the Incoterms rule is the most relevant one in this case.
JO
Jose
1 year ago
I think the Incoterms rule is the one that specifies who is responsible for insuring the cargo.
CY
Cyndy
1 year ago
Hmm, I thought the Lloyds of London rule was for insuring ships, not cargo. But maybe they have a special cargo insurance rule too, who knows?
DO
Donte
1 year ago
Actually, Lloyds of London does have rules for insuring cargo as well.
FE
Felix
1 year ago
B) Lloyds of London rule
SA
Salina
1 year ago
C) Incoterms rule
KR
Kris
1 year ago
I think the Incoterms rule specifies who is responsible for insuring cargo.
MO
Moon
1 year ago
B) Lloyds of London rule
EM
Emelda
1 year ago
C) Incoterms rule
LE
Leoma
1 year ago
A) World Trade Organization (WTO) rule
EV
Eva
1 year ago
A) World Trade Organization (WTO) rule
QU
Queenie
1 year ago
C) Incoterms rule - that's the one I remember from my logistics class. It's like the secret code of global shipping.
SH
Shelia
1 year ago
The Incoterms rule definitely covers this. It's like the Bible of international trade terms, you know?
SH
Shalon
2 years ago
I'm not sure, but I think it might be D) Shipper's rule.
KI
Kiera
2 years ago
I agree with Samira. Incoterms rule specifies who is responsible for insuring cargo.
SA
Samira
2 years ago
I think the answer is C) Incoterms rule.