Carriage and Insurance Paid To (CIP) (...named place of destination) 2
Carriage and Insurance Paid To (CIP) (...named place of destination) 2 : The seller has the same obligations as under CPT but with the addition that the seller has to procure cargo insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIP term the seller is only required to obtain insurance on minimum coverage
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