What Is Cost, Insurance, and Freight (CIF)? - Investopedia Cost, Insurance, and Freight (CIF) ensures the seller covers the costs, insurance, and freight of a buyer's order when cargo is transported via a waterway, sea, or ocean When goods are
CIF – Cost, Insurance and Freight paid to (Port of Destination . . . CIF – Cost, Insurance and Freight paid to (Port of Destination) - Incoterms 2020 ¶ Explained ¶ In CIF terms, the seller clears the goods at origin places the cargo on board and pays for insurance until the port of discharge at the minimum coverage
CIF (Cost, Insurance and Freight) Incoterms® [UPDATED 2025] Cost, Insurance and Freight (CIF) is an Incoterm rule that is identical to the CFR Incoterm rule except in one aspect: insurance Even though the risk transfers to the seller upon loading the goods on board the vessel, in CIF, the seller is obliged to take out insurance cover for the buyer’s risk
CIF Cost, Insurance And Freight - Incoterms® - craneww. com Standardized by the International Chamber of Commerce, CIF is a testament to streamlined trade But what exactly does it denote? CIF stands for Cost, Insurance, and Freight The seller covers all transport costs to the buyer's destination port, insurance for the shipment through its final delivery Still, it is a bit more complex
CIF Incoterms® meaning | Cost Insurance Freight | Maersk Cost, Insurance, and Freight (CIF) is one of the 11 Incoterms® rules set by the International Chamber of Commerce It’s an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer's order while the cargo is in transit
CIF Incoterms: What CIF Means and Pricing - Guided Imports CIF is a Shipping Incoterm that stands for: Cost, Insurance, Freight agreement, with the seller holding responsibility for all three When purchasing internationally, the seller is responsible for exporting the cargo and shipping it until they arrive at the destination port, while insuring the cargo throughout the voyage
Cost Insurance and Freight (CIF) - Incoterms Explained Cost Insurance and Freight (CIF) Use of this rule is restricted to goods transported by sea or inland waterway In practice it should be used for situations where the seller has direct access to the vessel for loading, e g bulk cargos or non-containerised goods
What is the CIF Incoterm? - Customs Clearance The Incoterm CIF, or Cost, Insurance, and Freight, is a commonly used international trade term that specifies the responsibilities of both the buyer and seller in a transaction
CIF Incoterms: Definition, Difference, and Explanation CIF, an Incoterm created by the International Chamber of Commerce (ICC), outlines the obligations of the buyer and seller in a shipping transaction With CIF, the seller is responsible for paying for the shipping costs to the buyer’s port and providing insurance to protect the shipment from potential risks during its journey
Cost Insurance and Freight (CIF) Incoterm: A Comprehensive Guide Cost Insurance and Freight (CIF) is a widely used international trade term that defines the responsibilities and obligations of both buyers and sellers in a transaction It is one of the many terms included in the Incoterms rules established by the International Chamber of Commerce (ICC)