A Guide to Incoterms
Choosing the best term to use isn’t a straightforward decision. Still, it is of utmost importance for buyers and sellers to agree on the Incoterm that will be used for their transaction.
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Find easy-to-understand explanations of the most common freight forwarding and shipment terms
CIP Incoterm
CIP (Carriage and Insurance Paid to) Incoterm is very similar to CIF (Cost, Insurance, and Freight) in that the seller is responsible for delivering the goods to a named place of destination and paying all costs, including insurance, associated with the delivery.
The two only have minor differences. CIP requires the seller to insure the goods for 110% of the contract value, whereas CIF only requires an insurance policy covering the minimum legal requirements. CIP implies you can use any mode of transportation, while CIF typically refers to sea freight.
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