Definition
An Incoterms 2020 rule for sea transport where the seller pays cost, freight and minimum-cover marine insurance to the named destination port, while risk passes to the buyer once the goods are on board at origin. The seller must procure insurance but only at the minimum level (Institute Cargo Clauses C) unless a higher cover is agreed. CIF values are commonly used as the basis for SARS customs duty calculation in South Africa.
Frequently asked questions
What is CIF (Cost, Insurance and Freight)?
An Incoterms 2020 rule for sea transport where the seller pays cost, freight and minimum-cover marine insurance to the named destination port, while risk passes to the buyer once the goods are on board at origin. The seller must procure insurance but only at the minimum level (Institute Cargo Clauses C) unless a higher cover is agreed. CIF values are commonly used as the basis for SARS customs duty calculation in South Africa.
Which glossary terms are related to CIF (Cost, Insurance and Freight)?
CIF (Cost, Insurance and Freight) is a documentation term in the South African import/export industry. Related terms in the same area include Air Waybill (AWB), ATA Carnet, Bill of Lading (BoL), Cargo Manifest, Certificate of Conformity — each has its own plain-English definition in the TradeCaravan glossary.