International Trade Terms

CIF - Cost, Insurance & Freight

This is the same as CFR with insurance.

The seller delivers when the goods 'pass the ship's rail' in the port of shipment.

The seller pays all the costs and freight necessary to bring the goods to the named port of destination BUT the risk of loss of or damage to the goods, as well as additional costs resulting from events occurring after the time of delivery, are borne by the buyer.

However, with CIF (unlike CFR) the seller must also supply the minimum level of marine insurance against risk of damage or loss during carriage.

CIF requires the seller to obtain clearance of the goods for export.

This term is only to be used for transport by sea or inland waterway. For other methods of transport, the term CIP should be used.

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