Embassy Logistic Terms: CIF
Cost, Insurance and Freight (CIF) (agreed port of destination)
This incoterm specifies that the seller (shipper) must pay the cost of freight and insurance for the transport of the goods to the port of destination in question. The risk of cargo damage or loss, transfers from seller to buyer (consignee) once the cargo is loaded on board the vessel in the load port.
The insured value of goods is 110% of the invoice value, including transport charges.
This incoterm can be used only for transport by sea or inland shipping.
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