Freight and insurance paid to the designated destination (CIP) When using this trade term, as for the transfer of risk, it is the same as the CPT term, that is, the seller transfers the goods to the buyer from the time when the seller leaves the goods in the care of the carrier. CIP terms are basically the same as CIF terms, the main difference is that the latter is only applicable to sea and inland river transport, while the former can be applied to various modes of transport, including multimodal transport.