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.

CIF – Cost, Insurance and Freight paid to (Port of Destination) - Incoterms 2020 ¶ Explained¶ 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.

Oct 6, 2023 · Cost, Insurance, and Freight (CIF) is one of the 11 Incoterms® rules set by the International Chamber of Commerce. It’s an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer's order while the cargo is in transit.

Nov 11, 2024 · CIF is mostly restricted to maritime (sea and inland waterways) transportation and is typically used for bulk cargo or goods that aren’t containerized. It’s crucial to note that CIF doesn’t apply to air, rail, or road transport; it’s specifically intended for sea or …

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.

Jan 13, 2025 · Under the Incoterms 2020 rules, CIF means the seller is responsible for loading goods on board the international vessel, cost of carriage to the port on the buyer's side, and insurance to that point. Liability for the goods transfers to the buyer as soon as the goods are loaded on the vessel.

May 14, 2024 · CIF (Cost, Insurance, and Freight) requires the seller to cover cost, insurance, and freight to the destination port, whereas the DDP (Delivered Duty Paid) includes all fees, risks, and duties until the goods reach the buyer's premises.

Aug 13, 2024 · CIF is one of the most popular shipping terms used in global trade, particularly ocean freight. Its widespread use is due to the clear responsibilities it assigns to sellers and buyers. With CIF, sellers cover shipping and insurance costs to the port of destination.

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.

In logistics, "Cost, Insurance, and Freight (CIF)" is a shipping term where the seller covers the cost of goods, insurance, and transportation to the buyer's designated port, with the risk transferring to the buyer once the goods are loaded onto the ship.