What's the differences between CIP & DAP incoterms?

abiztime.com

According to the Incoterms 2020.

It can be seen that the risk transfer place

are different. CIP means the risk is transferred to the buyer when the goods are handed over to the carrier, and DAP means the risk is transferred to the buyer after the goods arrive at the designated location. The fees covered include: CIP, the seller's quotation must include insurance, and the letter "I" here stands for insurance. DAP does not require mandatory insurance.

INCOTERM2020 ABIZTIME