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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.

Customer Information File

A file a bank keeps on each of its account holders and other clients. It contains information on account balances, outstanding loans, assets and so forth. It is updated frequently to ensure correct information.
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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 ?
Since its founding, FCIF has distributed more than $1.5 million in grants to members of the flooring industry.
The Messersmith Group Inc., based here, will now manage FCIF. Dr.
"The Messersmith Group brings a wealth of management experience to FCIF and will be excellent in helping the board achieve some very ambitious goals," said D.
FCIF is a charitable organization providing financial assistance to members of the floor-covering industry who experience catastrophic illnesses or have severe disabilities.