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Carriage and Insurance Paid To
IncotermsDefinition
An Incoterm (2020) where the seller pays for carriage and insurance to the named destination. Risk transfers to the buyer when the goods are handed over to the first carrier. CIP is the air-freight equivalent of CIF and is commonly used in time-critical logistics for shipments involving air transport. Under CIP, the seller must obtain and pay for comprehensive insurance coverage (Institute Cargo Clauses A), unlike CIF which only requires minimum cover.
