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What is cost, insurance and freight (CIF)?

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C / Cost, Insurance and Freight (CIF)

An Incoterm used in the carriage of non-containerized ocean freight. Under CIF, the seller’s responsibilities are similar to those of CFR, but in addition to the main transportation of the freight, the seller is also responsible for risk. All responsibilities pass to the buyer once the freight is discharged at the named port of destination.

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