Cost, Insurance and Freight (CIF) - Meaning

23Nov, 23

Cost, Insurance and Freight (CIF) - Meaning

A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination and provide the buyer with the documents necessary to obtain the goods from the carrier. The seller must, in addition, procure and pay for the insurance. However, risk is transferred to the buyer once the goods are loaded onto the vessel.