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An exporter in Santiago, Chile has a new customer in Madrid, Spain. In order to maintain their good reputation, they want to send their first

An exporter in Santiago, Chile has a new customer in Madrid, Spain. In order to maintain their good reputation, they want to send their first shipment making sure that it arrives on time and if any part of the shipment is lost or damaged, the customer is "made whole". The exporter has selected the following term for this shipment - "CIP, Madrid, Spain, Incoterms2020. At which point does the delivery occur in this scenario?
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At the port of Valparaiso before departure
In Madrid when unloaded from the carrier and ready for customs clearance
In Santiago when the goods are handed to the first carrier
In Santiago at the exporter's premises

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