Maritime Incoterm where seller pays ocean freight and minimum marine insurance, with risk passing at loading.
Cost, Insurance and Freight (CIF) requires the seller to deliver goods on board the vessel, pay ocean freight to the destination port, and obtain minimum cargo insurance cover (Institute Cargo Clauses C). Risk transfers to the buyer upon loading at the port of origin.
Validated against cargo insurance policy certificates and ocean bills of lading in trade finance workflows.
Automated insurance verification smart contract verifies minimum cover (110% CIF value) before releasing escrow locks.
Requires maritime transport only; multi-modal containerized equivalents should utilize CIP.