The term EXW specifies that the seller delivers when it places the goods at the disposal of the buyer at the seller’s premises or another named place (i.e.works, factory, warehouse,etc.), not cleared

CIP represents CPT with the inclusion of insurance.CIP specifies that the seller is responsible for contracting and paying for carriage and insurance to the“named place of destination”.As noted earlier, in the Incoterms 2020 CIP, insurance coverage ICC or equivalent is required.CIP is used for any mode of transport or more than one mode of transport.The cautions and notes made regarding CPT equally apply to CIP.