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The CIF Incoterm, or “Cost, Insurance and Freight”, is exclusive to shipping and indicates that the seller is responsible for the cost and freight of bringing the goods to the port of destination specified by the buyer. The seller must also provide insurance for the transport of the goods.
Unlike other incoterms, the risk transfer point is not the same point as the cost transfer point. With the CIF Incoterm, risk is transferred when the goods are loaded on board the ship at origin.
Delivery of goods and documents required
Packaging and wrapping
Inland transport in the country of origin
Customs at origin
Payment of the goods
Customs on arrival
Inland transport at the destination country
Payment of fees
If you’re not sure if the CIF Incoterm is the right way to go, do contact us. Our imports and exports consultants will be glad to help you on which incoterm best suits your shipping needs.