Cost, Insurance and Freight — an Incoterm where the seller pays freight and insurance to the destination port.
CIF (Cost, Insurance and Freight) is an Incoterm under which the seller pays the cost of the goods, ocean freight and marine insurance up to the named destination port. Although the seller arranges and pays for insurance and freight, the risk transfers to the buyer once the goods are loaded on board at the origin port.
CIF pricing — for example "CIF Hamburg" — is convenient for buyers who want a single landed price to the destination port without arranging their own shipping.
CIF applies only to sea and inland waterway transport; the equivalent term for containerised or multimodal shipments is CIP.