CIF - Cost, Insurance & Freight
The exporter delivers the goods packed for shipment to the port of destination on the importer's side and pays up to that point. The importer takes over the goods at the port of destination and pays for everything upon arrival. Risk transfers from the exporter to the importer once the goods are on board the vessel.
The Incoterms CFR and CIF are largely identical. The only difference concerns insurance. With Incoterm CIF, the exporter arranges and pays for the transport insurance.