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Cost Insurance and Freight IF

Terms for sea and inland waterways

Cost Insurance and Freight CIF named port of destination Incoterms® 2010 - This term is to be used only when carriage is by sea or inland waterway. 

Risk of damage or loss passes once goods are on the vessel at the port of shipment or during carriage by sea if the transaction is one of a string. The seller delivers the goods on board the vessel at the port of destination or procures goods already aboard.

The seller contracts for and pays costs for carriage to the port of destination and for insurance to cover the buyer's risk of damage or loss in carriage. The seller enters the goods to customs for export if applicable. (read more)