Cost Insurance Freight

Incoterms

Seller pays freight and minimum insurance to named destination port. Risk transfers when goods are on board at origin.

Sources

1. International Chamber of Commerce — Incoterms® rules iccwbo.org accessed 17 September 2026
2. International Chamber of Commerce — Incoterms® 2020 iccwbo.org accessed 17 September 2026

The ICC states that the 2020 edition applies different insurance coverage levels to CIF and CIP, with CIP requiring a “higher level of cover, compliant with the Institute Cargo Clauses (A)”. CIF therefore remains the lower-cover rule of the two, which is the point of contrast a buyer needs.

The International Chamber of Commerce writes and owns the Incoterms® rules. The claim sourced above is one the ICC states on its own pages; any further detail in the definition is this lexicon’s working summary, because ICC publishes the rules themselves as a paid edition and its free pages do not set out each rule’s obligations in full.

Related terms

• Carriage and Insurance Paid To
• Carriage Paid To
• Cost and Freight
• Delivered at Place
• Delivered at Place Unloaded
• Delivered Duty Paid

From the AJG lexicon archive (July 2026).