INCOTERMS-CIP

CPT + seller insurance ALL RISKS 2020.

Definition

CIP requires the seller to procure insurance on behalf of the buyer, valid until destination. Incoterms 2020 aligned CIP on maximum insurance level (ICC A) — a major change. CIF is the maritime twin of CIP.

Origin

Introduced in Incoterms 1980 ; revised to ICC A clauses in 2020.

Example in context

Bosch sells CIP Hamburg to a Norwegian customer — pays DHL transport and "all risks" insurance until Hamburg.

Related terms

• CPT — no insurance.