freight terms definitions
CIF (Cost, Insurance and Freight) A Term of Sale where the seller has the same obligations as under the CFR but also has to procure marine insurance against the buyer's risk of loss or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The CIF term requires the seller to clear the goods for export. Abbreviation for Cost, Insurance, Freight. (Named Port) Same as C&F or CFR except seller also provides insurance to named destination.