Definition
An Incoterms 2020 rule for any mode of transport where the seller pays carriage and insurance to the named destination, but risk passes to the buyer when the goods are handed to the first carrier. Under the 2020 revision, CIP requires the seller to obtain a higher level of cover (Institute Cargo Clauses A) than CIF. It is the multimodal counterpart to CIF.
Frequently asked questions
What is CIP (Carriage and Insurance Paid To)?
An Incoterms 2020 rule for any mode of transport where the seller pays carriage and insurance to the named destination, but risk passes to the buyer when the goods are handed to the first carrier. Under the 2020 revision, CIP requires the seller to obtain a higher level of cover (Institute Cargo Clauses A) than CIF. It is the multimodal counterpart to CIF.
Which glossary terms are related to CIP (Carriage and Insurance Paid To)?
CIP (Carriage and Insurance Paid To) is a documentation term in the South African import/export industry. Related terms in the same area include Air Waybill (AWB), ATA Carnet, Bill of Lading (BoL), Cargo Manifest, Certificate of Conformity — each has its own plain-English definition in the TradeCaravan glossary.