Cost, insurance and freight (C.I.F.)

Cost, Insurance and Freight is a trade term used in international shipping that signifies the seller's responsibility for delivering goods to a named port of destination. Under C.I.F., the seller covers the cost of the goods, transportation to the port of destination, and marine insurance. This includes all charges up to the point of loading the goods onto the vessel. The buyer is responsible for unloading the goods and any subsequent costs and risks. C.I.F. terms are commonly used in international transactions to clarify the division of costs and responsibilities between the buyer and seller.