CIP - Cost, Insurance Paid To
The exporter arranges and pays for the export of the goods including freight rates as well as import unloading in the recipient country. Added to this is the delivery to the destination, which is also the exporter's responsibility. The remaining steps in between, i.e. import loading and customs matters, are handled by the importer. The transportation risk is transferred from the exporter to the importer as soon as the goods are delivered to the carrier on the import side.
The Incoterms CPT and CIP are largely identical. The only difference is the insurance, which is arranged by the exporter for CIP.