Cost, Insurance and Freight (CIF)

Description of Cost, Insurance and Freight (CIF). Explanation.

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Definition Cost, Insurance and Freight (CIF). Description.

Cost, Insurance and Freight (CIF) is an international sales term used in the transportation industry, especially ocean transport. When a price is quoted CIF, it means that the selling price includes the cost of the goods, the freight or transport costs and also the cost of marine insurance.

The seller's responsibility for the goods ends when the goods have been delivered to the marine carrier or have been delivered on board the shipping vessel, depending upon the terms of the contract.

Note that because this is a legal term, its exact definition is much more complicated and can differ by country.

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Recent User Comments

    			 
  			   Tim - South Africa
  	       
  		     CIF Question on the Use
  	  		 "Hello, i have shipped some goods cif, they were loaded on to the ship in good order, passed the inspections and the ship sailed, the ship went to another port to move the cargo onto another ship and missed the other ship 3 times. The goods finally loaded on the new ship reached the destination port where upon opening the container the goods were spoiled. Whose responsibility does this fall under the buyer or the seller?"
  			   
    	  		 4

    			 
  			   Sala - Fiji
  	       
  		     CIF Synonyms?
  	  		 "What other common names are being used for CIF?"
  			   
    	  		 0

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End of description Cost Insurance and Freight (CIF). An explanation.