WebJun 3, 2024 · Cost, Insurance and Freight - CIF: Cost, Insurance and Freight (CIF) means the seller pays costs, freight and insurance against the buyer's risk of loss or damage in transit to destination. http://interob.com/
CIF Incoterms [Cost, Insurance & Freight] Meaning, Value & Details
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WebCIF price=CFR price/(1-insurance bonus×insurance rate) The CIF price is converted to other prices FOB price = CIF price × (1 – insurance premium × insurance rate) – sea freight. CFR price = CIF price × (1-insurance bonus× insurance rate) Explanation of CIF TERM: CIF (Cost Insurance and Freight) is an internationally popular INCOTERMS. WebOct 22, 2024 · The main differences between CIF and FOB lie in who assumes responsibility for the goods during transit. Under a CIF agreement, the seller assumes the costs and risks associated with transport ... WebIn CIF terms, the seller clears the goods at origin places the cargo on board and pays for insurance until the port of discharge at the minimum coverage. Even though the seller pays for insurance during … significant life stages in childhood