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Fellow Chartered Insurance Professional

Q: What do the credentials FCIP mean?

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Fellow Chartered Insurance Professional

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Chartered Insurance Institute was created in 1897.

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In shipping terms, the acronym CIP stands for "carriage and insurance paid to". This means the seller pays the carrier (such as FedEx) the shipping rate to get the product to the buyer. The seller also pays the insurance premium that covers damages to or loss of the shipment.

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According to Incoterms 2010 the CIP term stands for Carriage and Insurance Paid to. It means a seller pays for carriage and insurance to a destination point, but risk passes when the goods are handed over to the first carrier.

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CIP carriage and insurance paid to (named place of destination)

Seller pays for carriage and insurance to the named destination point, but risk passes when the goods are handed over to the first carrier. This term can be used across all modes of transport.

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