Carriage and Insurance Paid To (named place of destination)
In Carriage and Insurance Paid To, the seller assumes all risk until the goods are delivered to the carrier at the place of shipment – not place of destination. Once the goods are delivered to the carrier, the buyer is responsible for all risks.
However, the seller is still responsible for the cost of carriage and minimum insurance coverage until the freight reaches the named place of destination.
A carrier is any person or company who undertakes the carriage, such as a shipping line, airline, trucking company, railway or freight forwarder.
In multimodal shipments, the place of shipment is the first carrier used.
|Same as CPT, but the seller is obligated to secure minimum insurance coverage.|
CIP Incoterm Obligations
- Goods, commercial invoice and documentation
- Export packaging and marking
- Export licenses and customs formalities
- Pre-carriage and delivery
- Loading charges
- Delivery at named place of destination
- Proof of delivery
- Risk starting at port of shipment
- Import formalities and duties
- Cost of pre-shipment inspection