Cost, Insurance and Freight (CIF)

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Summary

What is Cost, Insurance and Freight (CIF)? Meaning.

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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🔥	NEW Question on the Use of CIF Hello, I have shipped some goods CIF, they were loaded on to the ship in good order, passed the inspections and the ship (...) 7 1 comments

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Who Bears the Goods' Damage Risk? - INCOTERMS 2020

Transportation, Insurance, International Trade, Import, Export of Goods, Risk of Damage, Freight Terms
In order to ensure the company's continued activity and the implementation of its objectives, managers always find thems (...)

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