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

CIF (Cost, Insurance and Freight) contract is an international trade agreement where the seller covers the cost of goods, insurance, and freight to deliver the goods to the buyer's designated port. This contract, developed by the International Chamber of Commerce (ICC), is primarily used for sea or inland waterway transport. Once the goods are loaded onto the vessel, the risk of loss or damage shifts from the seller to the buyer, but the seller still pays for freight and insurance until that point.