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CIP

Carriage and Insurance Paid to (agreed place of destination), non-maritime condition. The transfer of costs occurs when the goods have been delivered to the agreed destination. The transfer of risk occurs at the time that the goods are offered for carriage to put in the care of the (first) carrier as in FCA and CPT.

The seller has fulfilled his obligation to deliver when the goods are under the custody of the (first) carrier that was nominated and named by the seller. This means for FCL usually when the goods are loaded in the outgoing means of transport in the factory or in the field of the seller. For an LCL is this usually the moment that the seller has delivered the goods at the designated consolidation warehouse.

The insured value of goods is normally 110% of invoice value. (source: Incoterms 2010)

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