„CIP (Carriage and Insurance Paid To...named place of destination)“

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.

“The Law of International Trade” by Hugo Tiberg and Michael Bogdan, 5th Edition, Stockholm, 2018, pp. 120-122.