Cost, Insurance, and Freight (CIF)

Also called cost, insurance and freight, CIF alludes to the movement and transfer of goods via sea carrier where the purchaser is given records required to acquire the goods once things show up at port.

Features

• In any case, the risk transfer happens from the seller to the buyer when the goods have been stacked on the vessel.
• With cost, insurance, and freight, the seller takes care of the costs, insurance, and freight of a buyer's order while in transit.
• Cost, insurance, and freight (CIF) is an international commerce term and just applies to goods shipped through a stream or ocean.
• The buyer takes ownership of the goods once on the ship, and on the off chance that the cargo is harmed during transit, the buyer must file a claim with the seller's insurance company.
• When the cargo has been delivered to the buyer's objective port, the buyer takes care of the costs of bringing in and getting it done.