Incoterms CIF
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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.