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CIP – The seller arranges cargo insurance for the benefit of the buyer
CIP – The seller arranges cargo insurance for the benefit of the buyer
The terms of sale can be thought of as sitting on a sliding scale of responsibilities, which are split between buyers and sellers according to the Incoterms Rules. At one end, risk and cost are loaded toward the buyer, and at the other end, they fall more with the seller.
Under CIP, in addition to the main carriage, the seller also arranges and pays for insurance against loss or damage during transit for the benefit of the buyer. Just like FCA and CPT, the risk of loss or damage during transit still passes from the seller to the buyer before carriage commences.
This term is suitable for most kinds of goods carried by road, rail, air, sea, or inland waterway (or any combination of these).
The named place is the place to which the main carriage is arranged, but risk transfers from the seller to the buyer when the goods are handed over to the main carrier. This is typically the country of origin and is often at or relatively close to the seller’s premises.
Therefore, the named place is different from the risk transfer point.
The main carriage is arranged and paid for by the seller up to the named place.
The seller also arranges insurance coverage for the benefit of the buyer from the risk transfer point up to at least the named place.
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