What does “CIF+10%” mean?
CIF + 10% stands for:
C = Cost/invoice value (purchase cost if your client is the buyer, or selling price if they are the seller)
I = Insurance premium
F = Freight and related charges (e.g., customs clearance)
The +10% is an added buffer to cover unexpected costs, such as currency fluctuations or additional freight charges. This ensures your client is fully indemnified, including potential reshipping expenses.
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Is a valued inventory list required? What happens if I under-value a shipment for insurance purposes? What do I do when i discover a loss or damage to a shipment? What is a General Average? I’ve shipped hundreds of times and never had a loss. Why would I want to insure? How should an insured act in the event of a claim for loss or damage? What is an 'All Risks' Policy (‘A’ Clauses)? I only import Cost Insurance and Freight (CIF). Why would I need added insurance? I already have my own policy. Isn’t that enough? What is the difference between inland transit insurance and ocean cargo insurance? What are the chances that anything will happen to my goods?New to Maersk.com?
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