INCOTERMS
COST AND FREIGHT (CFR) [insert named port of destination]
RISK
The Seller delivers the goods by placing them onboard the vessel nominated by the Seller at a named port of loading.
The risk of loss of/or damage to the goods transfers when the goods are loaded onboard the vessel.
The Seller contracts for and pays for the costs and freight necessary to bring the goods to the named port of destination.
CIF requires the Seller to clear the goods for export (where applicable). The Seller has no obligation to clear the goods for import, pay any import duty or carry out any import customs formalities.
INSURANCE
Seller contracts insurance cover against the buyer’s risk of loss of/or damage to the goods during the carriage (from the place of delivery till the goods are unloaded at a named port of destination).
Buyer should take out his own insurance for transport (if any) from the port of arrival to final destination.