As the opening and introductory chapter of the book, and contained within Part I of the book, this chapter lays out the foundation of the book. It contains a summary of the history and key functions of the International Chamber of Commerce (ICC) and its International Commercial Terms (Incoterms) in international trading systems generally and international sales contracts under incoterms in particular. In so doing, it includes the development of Incoterms’ insurance clause and its connections with delivery and carriage contracts, sales and general export trade risks, documentation, and passage of property/titles, inter alia. The chapter links these parties’ contractual obligations with the need for their insurance coverage including under Incoterms for American Guidelines. The issues raised in this chapter form the basis of discourse and are expanded in subsequent chapters of the book. Like all the remaining chapters, the chapter contains materials on: “Further Food for Thoughts”, Reference sources used, Further Readings, and “What readers and practitioners should watch out for”, especially in Incoterms contracts’ “No Insurance Obligation”, clauses to guide the reader.