INCOTERMS-CIF

CFR + ICC C seller insurance maritime.

Definition

CIF is the classic maritime Incoterm for commodity trading. ICC C insurance (minimum) maintained in Incoterms 2020 to avoid disrupting bulk market practices. Buyer may take complementary insurance if needed.

Origin

Present since Incoterms 1936 ; ICC C insurance maintained 2020.

Example in context

An oil trader sells CIF Rotterdam to BP — pays maritime transport and ICC C insurance until Rotterdam.

Related terms

• CFR — no insurance.