Cost, Insurance and Freight (CIF) is a delivery term used in international trade exclusively for sea and inland waterway transport, where the seller bears all costs and risks up to the port of loading and delivers the goods to the vessel ready for export. In addition, the seller takes out an insurance policy on behalf of the buyer at the minimum coverage rate against the risk of loss or damage during the transport of the goods. The risk of damage or loss of the goods passes to the buyer when the goods are loaded onto the ship, while the transfer of costs to the buyer occurs at the port of destination, at which point the risk also passes to the buyer.