CIP

Commercial term describing the seller delivers the products to a carrier or to another individual chosen by the seller., at a place mutually agreed by both parties. The seller pays off the freight and insurance charges to bring the goods to a given location. Although the seller pays for freight and insurance, the loss or damage loss to products being transported is given from the seller to the buyer the moment the goods have been delivered to the carrier. The seller is responsible for insuring the shipment but up to the minimum level of the coverage. Should the buyer desire further insurance, the buyer has to arrange extra coverage.