Incoterms
COST INSURANCE AND FREIGHT (CIF)
RISK
The risk is transferred as by FOB, when the cargo is loaded on board (released by the loading device) the vessel appointed by the seller in the named port of loading. Marine Cargo Insurance is taken out by the seller to cover the buyer’s risk from risk crossing point to unloading in the port of destination.
INSURANCE
Seller has an obligation to provide insurance for the buyer’s risk until the goods are unloaded at the port of destination. Buyer should take out his own insurance for transport (if any) from the port of arrival to final destination.