Incoterms® 2020 Rules—CIF Cost insurance and freight

The following Commercial practice note provides comprehensive and up to date legal information covering:

  • Incoterms® 2020 Rules—CIF Cost insurance and freight
  • Explanatory notes for users
  • 1. Delivery and risk
  • 2. Mode of transport
  • 3. ‘or procuring the goods so delivered’
  • 4. Ports of delivery and destination
  • 5. Must the shipment port be named?
  • 6. Identifying the destination point at the discharge port
  • 7. Multiple carriers
  • 8. Insurance
  • More...

Incoterms® 2020 Rules—CIF Cost insurance and freight

This Practice Note comprises the guidance note to the CIF Cost insurance and freight Incoterm in the Incoterms® 2020 rules, produced here with the permission of ICC Publishing SA. Incoterms® 2020 rules and other ICC publications are available from ICC Publishing SA, 33-43 avenue du Président Wilson, 75116 Paris, France and from ICC United Kingdom, 1st Floor, 1-3 Staple Inn London, WC1V 7QH, United Kingdom, and www.iccwbo.org.

Incoterms® 2020 rules came into force on 1 January 2020, and updated the Incoterms® 2010 rules to reflect changes to the market over the last decade. For the CIF Incoterm valid up until that date, see Practice Note: Incoterms® 2010 Rules—CIF Cost insurance and freight.

CIF (insert named port of destination) Incoterms® 2020

Explanatory notes for users

1. Delivery and risk

‘Cost, Insurance and Freight’ means that the seller delivers the goods to the buyer

  1. on board the vessel

  2. or procures the goods already so delivered

The risk of loss of or damage to the goods transfers when the goods are on board the vessel, such that the seller is taken to have performed its obligation to deliver the goods whether or not the goods actually arrive at their destination in sound condition, in the stated quantity or, indeed, at all.

2. Mode of transport

This rule is to be used only for sea or inland waterway

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