The following Commercial guidance note provides comprehensive and up to date legal information covering:
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Incoterms® 2010 rules were replaced by Incoterms® 2020 rules with effect from 1 January 2020. For the CIP Incoterm applicable from 1 January 2020, see Practice Note: Incoterms® 2020 Rules—CIP Carriage and insurance paid to.
CIP (insert named place of destination) Incoterms® 2010
This rule may be used irrespective of the mode of transport selected and may also be used where more than one mode of transport is employed.
‘Carriage and Insurance Paid to’ means that the seller delivers the goods to the carrier or another person nominated by the seller at an agreed place (if any such place is agreed between the parties) and that the seller must contract for and pay the costs of carriage necessary to bring the goods to the named place of destination.
The seller also contracts for insurance cover against the buyer’s risk of loss of or damage to the goods during the carriage. The buyer should note that under CIP the seller is required to obtain insurance only on minimum cover. Should the buyer wish to have more insurance protection,
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