CIP, Carriage and Insurance Paid To

CIP, Carriage and Insurance Paid To (insert place of destination) is an IncoTerm which is roughly the same as CPT, Carriage Paid To, except for the fact that the seller is also obligated to arrange and pay a (minimum coverage) cargo insurance. When CIP is applied, the risks and responsibilities shift from seller to buyer when the seller transfers the goods to the carrier, just like at CPT. Source International Chamber of Commerce (ICC).

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