CIF

How it is used

Written with the destination port: 'CIF Hamburg'. A common trap is that the seller pays to the destination but the risk passes at origin. Unless agreed otherwise, the insurance under CIF is minimum cover (Institute Cargo Clauses C) for 110 percent of the contract value.

Example sentences

1. We can offer EUR 3.40 per kilo CIF Rotterdam.

2. The goods were damaged at sea, but under CIF the buyer has to claim from the insurer.

Common collocations

• CIF price
• CIF value
• quote CIF
• CIF destination port

Related terms

• IncotermsA set of standard three-letter trade terms published by the International Chamber of Commerce that show which costs, risks and tasks belong to the seller and which to the buyer.
• FOBFree On Board: an Incoterms rule in which the seller clears the goods for export and delivers them on board the ship at the named port of shipment, where the risk passes to the buyer.
• CFRCost and Freight: an Incoterms rule in which the seller pays the sea freight to the destination port, but the risk passes to the buyer when the goods are on board at the port of loading.
• CIPCarriage and Insurance Paid To: an Incoterms rule like CPT, except that the seller also buys cargo insurance for the buyer up to the named destination.
• cargo insuranceInsurance that covers goods against loss or damage while they are being transported by sea, air, road or rail.

This word in other fields

The same English word can have a different meaning in another field:

• CIF · Logistics & Supply Chain

More terms: Incoterms

• EXW
• DAP
• DDP
• FCA
• CPT
• DPU