How to calculate minimum insurance cover under CIF deliveries?

CIF means "Cost, Insurance and Freight" in international commercial terms terminology.

CIF is one of the most frequently used incoterms in foreign trade transactions, but it is widely misunderstood and misused by the practitioners.

For example CIF term is commonly used with land or air shipments, whereas CIF can only be used with sea shipments according to ICC Incoterms 2010 rules.

Additionally, under CIF trade term risk passes from exporter to importer when the goods are shipped on board a vessel at the port of loading. 

But many exporters believe that their risk will not be over until goods are being discharged at the port of destination. 



Above I have defined two major misunderstandings regarding the mode of transport usage and delivery responsibility of the CIF incoterms. 

Now I would like to focus on the insurance coverage of the CIF incoterms.