Saturday, March 3, 2012

UNDERSTANDING INCOTERMS 2010- CIP (Carriage Insurance Paid To)

CIP (Carriage Insurance Paid To)
The seller has the same obligations as under CPT but has the responsibility of obtaining insurance against the buyer's risk of loss or damage of goods during the carriage. The seller is required to clear the goods for export however is only required to obtain insurance on minimum coverage. This term requires the seller to clear the goods for export and can be used across all modes of transport.

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