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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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Can Maersk assist me with cargo insurance for journeys through areas like the Bab el-Mandeb strait and the Red Sea? Doesn’t the shipping company have to cover my loss? How do I calculate the volume for my LCL cargo? I only import Cost Insurance and Freight (CIF). Why would I need added insurance? I’ve shipped hundreds of times and never had a loss. Why would I want to insure? Since I only ship Free on Board (FOB), do I really need insurance? What are the “Incoterms”? What do I do when I discover a loss or damage to a shipment? What is Cargo Insurance? What is a General Average? What is an 'All Risks' Policy (‘A’ Clauses)?New to Maersk.com?
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