„CIF (Cost, Insurance and Freight... named port of destination)“
What does CIF (Cost, Insurance and Freight... named port of destination) stand for?
The seller has the same obligations as under CFR but with the addition that he has to procure marine insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The seller pays the insurance premium and is only required to obtain minimum coverage.
Source:
Shipping and LogisticsView all itemsBranch, A. E. (2007). “Elements of Shipping” (8th edition). Routledge, New York, NY. pp. 217-220.
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