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Incoterms

CIF (Cost, Insurance and Freight)

Abbreviation: CIF

CIF works like CFR, but the seller must also take out cargo insurance for the buyer, at least at Institute Cargo Clauses (C) level and for at least 110% of the contract value. Risk still passes on board at the port of loading. For imports into Indonesia the customs value is CIF-based, so an FOB price must have freight and insurance added. Example: a USD 10,000 contract needs cover of at least USD 11,000.

Related terms

  • CFR (Cost and Freight)

    Cost and Freight means the seller contracts and pays ocean freight to the destination port, but risk has already passed to the buyer once the goods are loaded on board at origin.

  • CIP (Carriage and Insurance Paid To)

    CIP works like CPT, but the seller must also insure the cargo for the buyer.

  • Cargo Insurance (Marine Cargo Insurance)

    Cargo insurance protects the cargo owner against loss of or damage to goods during sea, air or land transport.

  • Customs Value

    Customs value is the value of imported goods on which import duty is calculated.

Covered in these guides

Export-import

Landed Cost and Import Taxes in Indonesia: Duty, VAT and PPh 22 Explained

How to calculate the landed cost of goods imported into Indonesia, from FOB, freight and insurance to CIF customs value, duty, VAT, PPh 22, port charges and trucking.

6 min read

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