CIF
Business & Finance abbreviation · Logistics, Supply Chain & Trade
| Stands for | Cost, Insurance and Freight |
|---|---|
| Categories | Business & Finance |
CIF stands for Cost, Insurance and Freight, a logistics, supply chain & trade abbreviation.
Sea and inland waterway rule in which the seller pays freight to the named destination port and buys insurance for the buyer's benefit, while risk passes to the buyer once the goods are on board at the port of shipment.
Example: The supplier offered CIF Felixstowe at $18,400 per container.
Usage notes
Under Incoterms 2020 the seller need only buy minimum Institute Cargo Clauses (C) cover, at least 110% of the contract value, unless agreed otherwise; buyers wanting broader cover should negotiate it. Many countries calculate import duty on the CIF value. CIF is commonly misused for container shipments, where CIP is more appropriate.
Related abbreviations
More logistics, supply chain & trade abbreviations
- C-TPAT – Customs Trade Partnership Against Terrorism
- CBM – Cubic meter (freight)
- CFR – Cost and Freight
- CFS – Container freight station
- CHB – Customs house broker
- CI – Commercial invoice
- CIP – Carriage and Insurance Paid To
- CMR – Convention on the Contract for the International Carriage of Goods…
- CO – Certificate of origin
- CPFR – Collaborative planning, forecasting and replenishment
- CPT – Carriage Paid To
- CY – Container yard