04_cip from 96_incoterms by digitalsakura
***from wikipedia***
cip – carriage and insurance paid to (named place of destination)
this term is broadly similar to the above cpt term, with the exception that the seller is required to obtain insurance for the goods while in transit. cip requires the seller to insure the goods for 110% of the contract value under institute cargo clauses (a) of the institute of london underwriters (which is a change from incoterms 2010 where the minimum was institute cargo clauses (c)), or any similar set of clauses, unless specifically agreed by both parties. the policy should be in the same currency as the contract, and should allow the buyer, the seller, and anyone else with an insurable interest in the goods to be able to make a claim.
cip can be used for all modes of transport, whereas the incoterm cif should only be used for non-containerized sea-freight.
Tracklist
| 4. | 04_cip | 3:50 |
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CC BY-SA 3.0. See the Creative Commons website for details.
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