Ocean freight charges and overall insurance coverage chargesĪs we considered our CIP place of destination to be the second port in the example above, the seller has his share of responsibilities till the target port which are to be completed within an agreed time and period.Marine insurance charges - for moving goods through sea/ocean.Air freight charges - if the goods are to be transported by air.Inland transit of goods - from the warehouse to the first port.Charges for maintaining goods in the warehouse.The seller has responsibilities till the named place of destination, and will bear costs such as: The target port is something that the two parties have to discuss and finalise.
The risk of goods is transferred at the designated port.Insurance is the responsibility of the seller the buyer may pay for additional insurance incurred for carriage of goods from the port till his place.The seller is responsible for the goods till the designated port (in this case the second port, or the importing country’s port).In CIP, the title transfers when the goods are received by the buyer on the first port. CIP can be used for multi-modal shipments, or for more than one mode of transit. The rule is somewhat similar to CPT with only one difference in particular - that the seller is accountable for carriage and insurance coverage till the named port. The term receives universal acceptance in international trade with consent from governments and authorities all over the world. It is one the 11 incoterms published by the International Chamber of Commerce, with a scrutinized edition released in January 2020. The CIP incoterm stands for ‘Carriage and Insurance Paid to’, wherein the seller is responsible for goods only till the first port, which is the exporter's country's port and not the terminal.
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