CIP stands for Carriage and Insurance Paid To, and is one of the seven Incoterm rules for any mode of transport.
Under CIP (Carriage and Insurance Paid To) terms, the seller will pay freight and insurance in sending goods to the carrier or to an appointed person chosen by the seller at a mutually agreeable location. The difference between CPT and CIP is that under CIP the seller also pays for the insurance (while under CPT he pays only the transportation). The risk of damage or loss to the goods is transferred from the seller to the buyer once goods have been delivered to the first carrier. Once the goods arrive at the first carrier the risk transfers to the buyer.