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CIF – Cost, Insurance and Freight paid to … (Port of Destination)
• The seller clears the goods at origin places the cargo on board and pays for insurance until port of discharge at minimum cover.
• Even though the seller pays for insurance during the main carriage, the risk is transferred to the buyer at time the goods are on board.
• The term is used for ocean and inland waterway transportation only
• This term is commonly used in bulk cargo, oil and oversized.
