Cost, Insurance and Freight (CIF) (...named port of destination) 2
Cost, Insurance and Freight (CIF) (...named port of destination) 2 : The seller has the same obligations as under CFR but with the addition that he has to procure marine insurance against the buyer's risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIF term the seller is only required to obtain insurance on minimum coverage. The CIF term requires the seller to clear the goods for export
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