Logistics terms · Logistics terms
What does CIF (Cost, Insurance and Freight) mean in logistics?
Short answer
Incoterm for sea and inland waterway: as CFR, plus the seller buys marine insurance for the buyer. Under Incoterms 2020 the minimum cover is Institute Cargo Clauses (C), unless agreed otherwise. Risk passes on board at origin.
Frequently used for Indian exports of bulk and commodity cargo. On the import side, Indian customs assesses duty on a CIF-based assessable value whatever term the contract uses. Ask our desk how this applies to your consignment.
We publish no freight rates. Our desk confirms your price within minutes.
The numbers behind this answer
- Also called
- CIF
- Category
- EXIM & customs
- Related terms
- CFR (Cost and Freight), CIP (Carriage and Insurance Paid To), Marine and inland transit insurance, Incoterms 2020
Related questions
- What does CFR (Cost and Freight) mean in logistics?
- What does CIP (Carriage and Insurance Paid To) mean in logistics?
- What does Incoterms 2020 mean in logistics?
- What does Marine and inland transit insurance mean in logistics?
- What does CPT (Carriage Paid To) mean in logistics?
- What does FAS (Free Alongside Ship) mean in logistics?
Need this for your own load?
Send the details to our desk. It confirms your price within minutes.