CIP - CARRIAGE AND INSURANCE PAID TO (... named place of destination)
- CARRIAGE AND INSURANCE PAID TO means the seller has the same obligations as under CPT - CARRIAGE PAID TO
and the seller also has to procure cargo insurance against the buyer's risk of loss or of damage to the goods during the carriage.
- The seller contracts for insurance and pays the insurance premium.
- The seller is only required to obtain insurance on minimum coverage.
- CARRIAGE AND INSURANCE PAID requires the seller to clear the goods for export.
- CARRIAGE AND INSURANCE PAID can be used for any mode of transport including multimodal transport.
© 2004 John Michael Pierobon