CIP – Carriage and Insurance Paid to

//CIP – Carriage and Insurance Paid to
CIP – Carriage and Insurance Paid to2016-12-13T16:21:35+00:00

Seller

CIP is the same as CPT, but the seller must also provide an insurance for transportation. The seller closes the transport contract, pays the freight and insurance premium

Buyer

Risks of damage or loss are borne by the buyer from the moment the goods have been delivered to the first carrier. Then, the buyer is responsible for the payment of duties and import taxes and unloading costs.

Insurance coverage

According to the CIP term, the seller is only required to take out insurance with a minimum coverage. If the buyer wants to be protected with a wider coverage in those conditions must obtain authorization from the seller, or hire himself out additional insurance.