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CIF export

Pets Supplies
From Lebanon
To Seychelles
534 views / 0 experts
Jul 15, 2022

What is meaning of a CIF export?

1 answer

Jul 15, 2022

The term "Cost, Insurance and Freight" means that the seller has made delivery when the goods have crossed the ship's rail at the port of shipment. The seller must pay the costs and freight required to bring the goods to the named port of destination, BUT the risk of loss or damage to the goods, as well as any additional costs incurred after the goods have been shipped, pass from the seller to the buyer.

However, under the terms of the CIF term, the seller is also obliged to purchase marine insurance in favor of the buyer against the risk of loss and damage to the goods during transport.

Consequently, the seller is obliged to conclude an insurance contract and pay insurance premiums. The buyer should take into account that under the terms of the CIF term, the seller is required to provide insurance with only minimal coverage.

If the buyer wishes to have insurance with a large coverage, he must either specially agree with the seller about this, or he himself must take measures to conclude additional insurance.

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