Definitions for "Cost, insurance and freight"
An abbreviation used in some international sales contracts. When the selling price includes all "costs, insurance and freight" for goods sold "charge in full", the seller arranges and pays for all relevant expenses involved in shipping goods from their export point to a given import point.
Cost of goods, marine insurance and all transportation (freight) charges are paid to the foreign point of delivery by the seller.
Shipping term included in a contract of sale (abbreviated as CIF) meaning that the seller agrees to take full responsibility for delivering the goods to the port of loading, clear the goods for export, and arrange and pay for transportation and marine insurance over the goods to the named port of discharge, such costs being included in the price of the goods. Nonetheless, all risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship's rail at the port of loading. It is up to the buyer to arrange transportation from the port of discharge.