There are two key changes to Incoterms© 2020 compared to the 2010 edition:
- DAT (Delivered at Terminal) is renamed Delivered at Place Unloaded (DPU)
- FCA (Free Carrier) now allows for Bills of Lading to be issued after loading
In addition, there are some other changes:
- CIF and CIP (Cost, Insurance and Freight and Carriage and Insurance Paid to). These set out new standard insurance arrangements, but the level of insurance continue to be negotiable between buyer and seller
- Where listed, cost allocation between buyer and seller is stated more precisely
- FCA (Free Carrier), DAP (Delivered at Place), DPU (Delivered at Place Unloaded) and DDP (Delivered Duty Paid) now take account of buyer and seller arranging their own transport rather than using a third party
- Security-related obligations are now more prominent
- “Explanatory Notes for Users” for each Incoterm® have replaced the 2010 edition’s Guidance Notes, and are designed to be easier for users.
DSV's Insurance experts will be examining the changes in more depth and we will update you as soon once we have more detailed information available for you.