Cost, Insurance and Freight Guide, Meaning , Facts, Information and Description
This CIF Incoterm is identical in most particulars with Cost and Freight and the same comments apply, including its applicability only to conventional maritime transport. In addition to his CFR responsibilities, the seller under CIF must obtain in transferable form a marine insurance policy to cover the risks of transit with insurers of repute. The policy must cover the CIF price plus 1 0 per cent and where possible be in the currency of the contract. Note that only very basic cover is required equivalent to the Institute "C" clauses and buyers should normally insist on an "all-risk" type of policy such as that under the Institute "A" clauses. This term is only appropriate for conventional maritime transport, not ro/ro or international container movements.This is an Article on Cost, Insurance and Freight. Page Contains Information, Facts Details or Explanation Guide About Cost, Insurance and Freight