Cost, Insurance, Freight (CIF)
Definition: What is CIF?
CIF stands for “Cost, Insurance, and Freight.” The seller is responsible for covering the cost of transportation, insurance, and freight until the goods reach the destination port. The risk still transfers to the buyer once the goods are loaded on the ship, but the seller ensures that the goods are covered during the journey.
Seller’s responsibilities under CIF:
- Deliver goods to the port of shipment and pay for freight, insurance, and loading
- Handle export customs clearance
- Pay for insurance during transit
- Package goods appropriately for international ocean transport
Buyer’s responsibilities under CIF:
- Bear the risk once the goods are on board the ship
- Manage import customs clearance and delivery from the port onward
- Handle any additional transport or costs once goods have arrived at the destination port
When to use CIF
CIF is ideal for buyers who want to minimize their responsibilities up to the destination port, as the seller takes care of the shipping and insurance. This term is mainly used for sea or inland waterway transport.
How time:matters supports CIF shipments
With time:matters, even though the seller covers insurance and transport up to the destination port, we ensure that you have visibility and control over your shipment at all times. Our express services, combined with real-time tracking, guarantee that your goods arrive as promised.