International Trade Terms Glossary

CIP - Carriage & Insurance Paid

The seller delivers the goods to the carrier nominated by him and also costs of carriage to bring the goods to the named destination. The seller must additionally obtain insurance against the buyer's risk of loss of or damage to the goods during carriage.

In reality the seller pays an insurance premium. The buyer needs to be aware that the seller only needs to take out the minimum cover. If the buyer requires more cover then he should agree with the seller or make his own extra insurance arrangements.

If more than one carrier is used then the risk passes to the buyer once the goods have been delivered by the first carrier.

CIP requires the seller to obtain clearance of the goods for export.

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