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JAY MARK TANO
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35 views1 page

1

Uploaded by

JAY MARK TANO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Between CFR Port Destination and CIF Port Destination, the difference is that in CIF, the seller
must procure marine insurance against the buyer’s risk insurance and pay the insurance premium. In
CFR, it was stated that incoterms 2010 do not obligate the buyer or the seller to ensure the goods.
Hence, it is clear that either the buyer and seller has no obligations to secure marine insurance in Cost
and Freight Port Destination. Furthermore, in CIF Port Destination, the risk of loss of or damage to the
goods, as well as any additional costs due to any event occurring after the time the goods have been
delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship’s
rail in the port of shipment.

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