Cost, Insurance and Freight (CIF)
What does Cost, Insurance and Freight mean?
Cost, Insurance and Freight is the costs paid by a seller to cover a buyer’s goods against possible damage when being transported to the port of shipment. The seller bears all the risks and costs to the point where the goods are to be loaded on board a vessel for shipment.
The seller’s obligation to deliver the goods is fulfilled when all goods are with the buyer’s named carrier at the departure port. Thereafter, the buyer bears the costs and risks of export.