Glossary
Carriage & Insurance Paid To (CIP)
Incoterm indicating the seller is responsible for the cost of carriage & insurance up to the named destination.
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What does Carriage & Insurance Paid To (CIP) mean?
Carriage & Insurance Paid To (CIP) is a commonly used Incoterm in international shipping that describes the seller’s responsibilities for the transport of goods. CIP means that the seller is responsible for the cost of transporting the goods to the destination, as well as obtaining insurance coverage for the goods during the shipment.
Under CIP terms, the seller is responsible for arranging and paying for the transportation of the goods to the named place of destination, which is agreed upon by the buyer and seller. The seller must also obtain insurance coverage for the goods, which will protect the buyer against loss or damage during the transit.
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