What is CIF INCOTERMS in Export Business? CIF specifically outlines the following key responsibilities and costs for the seller and the buyer: 1. Costs: The seller is responsible for the costs of the goods, including transportation to the port of destination, loading charges, and freight charges up to the named port of destination. 2. Insurance: The seller is required to obtain and pay for minimum insurance coverage to protect the goods during transportation up to the named port of destination.

What are INCOTERMS in Export Business? INCOTERMS are crucial in export business as they outline key aspects of the transaction, such as: Delivery Point: They specify where the risk of loss or damage to the goods transfers from the seller to the buyer. This is important for determining when the buyer takes control and responsibility for the goods. Transportation Costs: INCOTERMS define which party is responsible for various transportation costs, such as freight charges, insurance, customs duties,