Tags: CIF Free Carrier Incoterms Freight AWB Ocean Freight

CIF (Cost Insurance and Freight)

CIF (Cost Insurance and Freight)

CIF stands for Cost Insurance and Freight and is one of the four Incoterm rules for sea and inland waterway transport.

In a CIF transaction the seller is responsible for the goods up to the point where the goods are delivered to their agreed upon port of destination. The seller's responsibility includes all costs relating to pre-carriage (i.e., insurance), delivery of the goods, and other expenses related to transport- all at no additional cost.

The risk of loss or damage to the goods passes from seller to buyer when they are placed on board a vessel. 

Under CIF (cost, insurance and freight) terms, once the goods are loaded onto a ship at the port of origin, all obligations under the contract between seller and buyer have been met and the contract is considered complete.

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