CIF – Cost, Insurance & Freight

The seller clears the goods for export and delivers them when they are on board at the port of shipment. The seller bears the cost of freight and insurance to the designated port of destination. Also, he is responsible for any damage to the goods on board the ship.

The seller needs to purchase the minimum level of insurance under Clause C of the Institute Cargo Clauses. (This requirement is unchanged from Incoterms 2010.)

At the port of arrival, the seller must turn over three key documents – invoice, insurance policy and bill of lading. Those documents represent the cost, insurance and freight of CIF.

This Incoterm is similar to CFR. However, the seller needs to obtain insurance while the goods are in transit.

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