CIF
Also known as: Cost, Insurance and Freight
An Incoterm where the seller pays cost, insurance, and freight to the destination port; risk transfers when goods are loaded on the vessel at origin.
CIF (Cost, Insurance and Freight) is one of the maritime-only Incoterms 2020 rules. The seller arranges and pays for ocean freight to the named destination port and procures minimum-coverage marine cargo insurance for the buyer's benefit. Risk transfers to the buyer when the goods are loaded onto the vessel at the origin port — meaning the buyer carries the risk on the sea voyage despite the seller paying the freight. Commonly used for bulk and break-bulk maritime shipments.