cost, insurance and freight

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Cost, Insurance and Freight

A CPT involving ocean freight. In a CIF, the seller is responsible for paying for shipping and providing a minimum amount of insurance coverage up to the named port of destination, while the buyer is responsible for the transportation risk beyond 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 a CFR, but also requires the seller to provide minimal insurance. See also: Incoterm.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

cost, insurance and freight (c.i.f)

a term used to denote the respective contractual obligations of sellers and buyers of a good which is exported. Under a ci.f. contract, the seller pays the cost of transporting the good to the port of shipment, the loading charges, and the freight charges to the port of destination, plus all insurance cover up to this point. From then on the buyer bears the cost of unloading, transporting, and insuring the good to its final destination. See COST AND FREIGHT, FREE ON BOARD, EXPORTING.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The average CIF price of crude oil was at $71.59 per barrel last year compared with $55.77 per barrels year ago.
When it comes to seaborne coal cargoes, any trader worth his salt would still look at the freight element as it affects the CIF price and delivery time.
All factors considered, the attendant cost of importing a vehicle brings the total cost of the vehicle to almost double the CIF price. With this in mind, it is no surprise that Kenya's car market is dominated by low-priced second-hand vehicles.
According to Opec's Annual Statistical Bulletin , the average CIF price of crude oil in OECD countries in 2013 was $108.53 which fell to $52.17 in 2015, or by 52 per cent.
These import regulations, which currently allow up to five imports per person per year, each with a total CIF price of up to US$200 and a limit of 2kg per package, without paying import duties or taxes, have made available to Uruguayans a very wide range of products.
This would mean that tobacco firms pay a high percentage of the CIF price along with an increased minimum duty.
It is the average, weighted spot-price in the ports of New York and Hamburg (called CIF price in the graph--Cost, Insurance and Freight).
The manufacturer decides the CIF price for each country, based on the size of the country after factoring in their expenses and promotional expenditure.
Compared with January 2010, the average CIF price and average domestic ex-factory price for the whole year of 2010 increased by 49.9 and 44 percent, respectively (FIGURE 1).
The average CIF price of broiler cuts in 2009 was down 20% to US $2.49.
In 1996, it was said that Shell had proposed applying its Brunei formula for the CIF sales as follows: (a) the different components of the gas chain are at arm's length, rather than fully integrated; and (b) the Muscat government sells the gas to Oman LNG at a "flowback" price, whereby the CIF price of LNG would determine the price of the gas and of LNG delivered to the tanker in agreed proportions, with the LNG to be sold to the Far East and Europe.