What does Cost Insurance and Freight mean? Read on to discover the definition & meaning of the term Cost Insurance and Freight - to help you better understand the language used in insurance policies.
Cost Insurance and Freight
Cost, insurance, and freight (CIF) is a term used by the International Chamber of Commerce for professional trading purposes since 1936. It signifies that the payment for the shipping, delivery, and insurance of goods will be handled by the seller and not the buyer. While the goods are still on the ship and not yet unloaded, the seller is held accountable for damage or loss.
We hope the you have a better understanding of the meaning of Cost Insurance and Freight.