CIF (Cost, Insurance & Freight)
An Incoterm that places the responsibility for transportation costs insurance and shipment delivery to the destination port on the seller.
Definition
An Incoterm that places the responsibility for transportation costs insurance and shipment delivery to the destination port on the seller. Under CIF the seller must arrange and pay for cargo insurance although risk transfers to the buyer once the goods are loaded on the vessel
Related Terms
CFS (Container Freight Station)
A designated warehouse or facility where LCL (Less than Container Load) shipments are consolidated or deconsolidated before being moved to their final destination.
CAF (Currency Adjustment Factor)
A surcharge applied by carriers to account for currency fluctuations between the origin and destination countries.
Carnet
A document that allows for the temporary importation of goods without the need to pay duties or taxes.
Cargo Insurance
A form of protection that covers loss or damage to cargo during transit.
Cargo Manifest
A detailed list of all cargo loaded onto a ship aircraft or truck.
Carrier
A company or individual responsible for transporting goods from one location to another.
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