Forums: Discussions for entrepreneurs and small business.

There are always good answers when I post here so here`s another one. If using a CIF when purchasing overseas, what additional insurance do I need to have.

Thanks

CIF means Cost, Insurance, and Freight. This means that the Seller is providing a price which includes the cost of the goods, the insurance of the goods for their journey to their destination port/unloading point, and the cost of the ocean freight or whichever method of freight is being used to transport the goods to the Buyer. Therefore, delivery of the goods when quoted CIF will usually take place at the port of unloading.

CIF is a abbreviated term used for the description of time, location, amount of material to be delivered at a place.when the risk of loss shift from seller to buyer.