Cost, Insurance and Freight (CIF) is a delivery term used in international trade for all modes of transport, where the seller pays for the goods, insurance and freight. It means that the seller shall deliver the goods, cleared for export, to a carrier or other person of the seller's choice at the named place (if such a place has been agreed by the parties) and that the seller is obliged to pay the freight costs to bring the goods to the named destination. The seller shall take out insurance covering the goods at the minimum coverage rate appropriate to the type of goods, paying the insurance premium. The seller shall be deemed to have fulfilled their ‘delivery obligation’ when the goods are delivered to the carrier, not when they arrive at the destination.