Context is: trade term. An international commercial term (Incoterm), meaning "carriage and insurance" that is used in international sales contracts to impose the same obligations on the seller as "carriage paid to" (CPT), with the exception that the seller is also responsible for contracting and paying for cargo insurance. Hence, in addition to this obligation, the seller will clear for export and pay the freight and all costs incurred for the carriage of goods to a destination named by the buyer. The risk of loss or damage passes to the buyer when the goods are delivered to the carrier. See also CFR; CIF; CPT; DAF; DDP; DDU; DEQ; DES; EXW; FAS; FCA; FOB; Incoterms.
Cost and Insurance Paid to (named place of destination) This term is similar to CPT but with the addition that the seller has to procure marine insurance against the buyer's risk of loss of or damage to the goods covering that period until the goods have been delivered from the carrier to the buyer. Being based on FCA, this term may be used for any mode of transport.
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 pays the insurance premium and is only required to obtain minimum coverage.
Abbreviation for " carriage and insurance paid to (Named place of destination)."
Carriage and insurance paid to (named place of destination). This is an Incoterm see the Incoterms 2000 website for more information. The seller clears the goods for export and pays for delivery to the named destination. The goods are delivered when the seller passes the goods to its carrier. From this point the buyer takes responsibility for all costs and risks. But the seller must also take out insurance to cover the buyer's risk during transport.
Carriage and Insurance paid to PAG Payment on Arrival of Goods
Carriage and Insurance Paid to (...named place of destination) Seller pays freight and insurance for carriage of the goods to the named destination.
Carriage and Insurance Paid To (... named place of destination) means that the seller delivers the goods to the carrier nominated by him but the seller must in addition pay the cost of carriage necessary to bring the goods to the named destination. This means that the buyer bears all risks and any additional costs occurring after the goods have been so delivered. However, in CIP the seller also has to procure insurance against the buyer's risk of loss of or damage to the goods during the carriage. Consequently, the seller contracts for insurance and pays the insurance premium.If subsequent carriers are used for the carriage to the agreed destination, the risk passes when the goods have been delivered to the first carrier. The CIP term requires the seller to clear the goods for export. This term may be used irrespective of the mode of transport including multimodal transport.
Carriage and Insurance Paid - Incoterm for all transport modes.
CARRIAGE AND INSURANCE PAID TO (...named place of destination) D Terms: The seller has to bear all costs and risks needed to bring the goods to the country of destination.
Carriage and Insurance Paid To (...named place of destination) means that the seller pays the insurance, and freight for the carriage of goods to the named destination. SEE Incoterms for a list of the thirteen Incoterms.
Carriage and Insurance Paid (... to named place of destination). "CIP" indicates that the exporter is responsible for the cost of freight up to the point where the goods are delivered to a specified destination including the cost of insurance against loss or damage during transit. It is the importer's responsibility to clear the goods for import.
(Carriage and Insurance Paid To) This term is primarily used for multimodal transport. Because it relies on the carrier's insurance, the shipper/seller is only required to purchase minimum coverage. When this particular agreement is in force, Freight Forwarders often act in effect, as carriers. The buyer's insurance is effective when the goods are turned over to the Forwarder.
Carriage and insurance to the named point of destination (similar to CIF but useful for multi-modal transportation).
the named place of destination} Carriage and Insurance Paid To The delivery of goods and the cargo insurance to the named place of destination (discharge) at seller's expense. Buyer assumes the import customs clearance, payment of customs duties and taxes, and other costs and risks. In the export quotation, indicate the place of destination (discharge) after the acronym CIP, for example CIP Paris and CIP Athens.