CIF - COST, INSURANCE AND FREIGHT (... named port of destination)
- COST, INSURANCE AND FREIGHT means the seller has the same obligations as under CFR - COST AND FREIGHT
and the seller also has to procure marine insurance against the buyer's risk of loss of or damage to the goods during the carriage.
- The seller contracts for insurance and pays the insurance premium.
- The seller is only required to obtain insurance on minimum coverage.
- COST, INSURANCE AND FREIGHT requires the seller to clear the goods for export.
- COST, INSURANCE AND FREIGHT can only be used for sea or inland waterway transport.
© 2004 John Michael Pierobon