The term CIF is an abbreviation used in the freight industry and stands for cost, insurance and freight. CIF is used for freight shipments when a buyer of goods requires the seller of the goods to arrange the delivery by sea to a designated port paid for by the seller.
Which means the seller is liable for any loss or damage to the buyer’s order in transit until it reaches the export port. When the goods are loaded at the export port, the buyer then becomes responsible for loss or damage to the shipment thereafter.
