(Cost, Insurance and Freight) (...Named Place of Destination):A Term of Sale where the seller has the same obligations as under the CFR but also has to procure marine insurance against the buyer's risk of loss or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The CIF term requires the seller to clear the goods for export.
Cost, Insurance and Freight
Cost, Insurance and Freight” means that the seller delivers when the goods pass the ship’s rail in the port of shipment.
The seller must pay the costs and freight necessary to bring the goods to the named port of destination, but the risks of loss of or damage to the goods, as well as any additional costs due to events occurring after the time of delivery, are transferred from the seller to the buyer. However, in CIF the seller also has to procure marine insurance against the buyer’s risk of loss of or damage to the goods during the carriage.