Sep 18, 2023 · CIF is an international agreement between a buyer and seller in which the seller has responsibility for the cost, insurance, and freight of a sea or waterway shipment.

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. Even though the seller pays for insurance during the main carriage, the risk is transferred to the buyer at …

CIF means cost, insurance, and freight, up to the port destination. CIP means carriage and insurance paid to the defined destination. For CIF, the seller needs to insure the cargo while aboard the ship.

Incoterms CIF is short for "Cost, Insurance and Freight." Under CIF Incoterms, the seller delivers goods onboard the vessel at the port of shipment, pays for transport and minimum insurance coverage.

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.

Using the Incoterms rule CIF, the seller covers the cost of insurance AND freight to the named port of destination or place. The risk is transferred as soon as the goods are loaded on board the vessel i.e. are loaded onto the ship.

Incoterms 2010 dictates that the CIF Incoterm, or “Cost, Insurance and Freight”, is exclusive to maritime shipping. Under CIF, the seller is responsible for the cost and freight of bringing the goods to the port of destination specified by the buyer.

CIF is intended only for transporting goods by sea or inland waterway. Supplier pays export duty, packaging the goods and transportation of the cargo to the port, loads the goods on board, hires and pays the ship, insures the goods and provides the relevant documentation.

Mar 26, 2025 · The term CIF full form in Export refers to Cost, Insurance, and Freight, an essential Incoterm used widely in global trade. CIF defines the responsibilities of buyers and sellers when shipping goods overseas. ... The seller must secure a minimum level of marine insurance to protect the cargo during transit. Although the seller arranges and pays ...

When exporting under CIF Incoterms, ownership passes to the buyer after the cargo is securely loaded on the boat, but the seller is responsible for paying duty and obtaining shipping insurance. This means that the seller is responsible for all shipping …