Marine insurance plays an important role in domestic trade as well as international trade. Most contracts of sale require that the goods must be covered, either by the seller or the buyer against the loss or damage. Iden

It is a trade term used in international sales contracts that outlines the responsibilities of the seller in transporting goods by sea to a designated port of destination. Under CFR, the seller is responsible for the cost of the goods, the freight, and the necessary documentation to release the goods at the destination port, but the buyer assumes the risk of loss or damage once the goods are loaded on the ship at the port of shipment.