What is Cost, Insurance and Freight (CIF)?

CIF (Cost, Insurance and Freight) is a sea-freight Incoterm under which the seller pays the cost of carriage and minimum (ICC C) marine insurance to the named destination port. Crucially, the risk still transfers to the buyer when the goods are loaded onto the vessel — not on arrival — so the buyer carries the risk during the voyage even though the seller arranged the freight and insurance.