GLOSSARY

CIF (Cost, Insurance, and Freight)

A pricing term indicating that the cost of goods, insurance, freight are included in the quoted price.

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What is CIF (Cost, Insurance, and Freight)?

CIF, or Cost, Insurance, and Freight, is an Incoterm that specifies the responsibilities of the buyer and seller in an international trade transaction. Under CIF, the seller is responsible for the cost of the goods, insurance, and freight to the named port of destination. The buyer is responsible for any additional costs incurred after the goods have arrived at the port of destination, such as customs duties and taxes.

Some benefits of using CIF include:

The buyer has peace of mind knowing that the seller is responsible for insurance and freight costs.
Buyer does not have to worry about planning for import clearance.
Sellers are motivated to deliver the goods on time, since they’ll be responsible for any additional costs incurred if the goods are delayed.

Some drawbacks of using CIF includes:

Buyer is responsible for any additional costs incurred after the goods have arrived at the port of destination.
Buyer may not have as much control over the shipping process as they would if they were using a different Incoterm.
Seller may be reluctant to agree to CIF if the goods are high-value or sensitive

When working with international trade deals, always look into which terms work best for the buyer and seller. Each deal is different and importers may find it necessary to adjust according to suppliers or products.

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