(CIF) Cost insurange and Freight

(CIF) Cost insurange and Freight

"Cost, Insurance and Freight" means that the seller has the same obligations as under CFR but with the addition that he has to procure marine insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium.

The buyer should note that under the CIF term the seller is only required to obtain insurance on minimum coverage.

The CIF term requires the seller to clear the goods for export.

This term can only be used for sea and inland waterway transport. When the ship's rail serves no practical purposes such as in the case of roll-on/roll-off or container traffic, the CIP term is more appropriate to use.

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Part of Speech: proper noun
Synonym(s):
Blossary: Trade and commerce
Industry/Domain: Transportation; Economy
Category: Shipping; International trade
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