Cost Insurance and Freight financial definition of Cost Insurance and Freight
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Seller is responsible for the payment of freight to carry goods to a named destination, as agreed with thebuyer. The seller is also responsible for providing cargo insurance at minimum coverage against the buyers risk of loss or damage to the goods during transport. This term should be used with ocean shipments only, as the point where risk and responsibility pass from seller to buyer is the rail of the carrying vessel.
ACPTinvolving ocean freight. In a CIF, theselleris responsible for paying for shipping and providing a minimum amount ofup to the named port of destination, while thebuyeris responsible for thetransportation riskbeyond the minimum coverage as soon as the good or product is loaded onto the ship. Legally, risk transfers when the good or product crosses the outer rail of the ship. A CIF is similar to aCFR, but also requires the seller to provide minimal insurance. See also:Incoterm.
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