Cost, insurance, and freight (CIF)

{
  "id": "MLC-T-INS-000991",
  "term": "Cost, insurance, and freight (CIF)",
  "field": "Insurance and risk management",
  "definition": "An international shipping agreement where the seller is responsible for the cost of goods, insurance, and freight charges to a named port of destination. Under this Incoterm, the risk of loss or damage to the goods transfers from the seller to the buyer once the goods are loaded onto the vessel. The seller must purchase marine insurance against the buyer's risk of loss or damage during carriage.",
  "abbreviation": "CIF",
  "subject": "Commercial Auto",
  "url": "https://mlchart.com/terminology/insurance/cost-insurance-and-freight-cif/"
}