Who should be the insured in a CIF insurance policy

On behalf of the buyer's insurance, there are two approaches:

1. Write directly to the buyer;

2. Write the seller first, and endorse it blank when submitting the document.

Approach 2 is recommended.

1. Under the CIF clause, the insured on the policy should fill in the confession, first of all, to see whether the letter of credit is settled, that is, if it is a letter of credit settlement, then it should be filled in in strict accordance with the provisions of the letter of credit - that is, who the letter of credit requires to be filled in, who must be filled.

2. If it is not a letter of credit settlement, then it is the exporter (the policyholder himself) or the importer who fills in it - this can be selected. However, in general, in order to grasp the initiative, the seller fills in the exporter himself, and then makes an endorsement.

Further Information: Policy Description:

1. It is an insurance policy.

Abbreviation. It is a kind of maximum integrity insurance contract signed between the insurer and the policyholder. The insurance policy must clearly and completely record the rights and obligations of both parties to the insurance, and the policy mainly contains the names of the insurer and the insured, the subject matter of insurance, and the amount insured.

Insurance premiums, insurance periods, limits of liability for compensation or payment, and other prescribed matters. The insurance policy is the main evidence for the insured to claim compensation from the insurer when the insured suffers losses due to an accident and is also the basis for the insurer to collect insurance premiums.

2. The insurance policy is the abbreviation of the insurance policy. Suixin is a kind of maximum integrity insurance contract signed between the insurer and the policyholder. The insurance policy must clearly and completely record the rights and obligations of both parties to the insurance, and the insurance bill mainly contains the names of the insurer and the insured, the subject matter of insurance, the amount insured, the insurance premium, the insurance period, the scope of liability for compensation or payment, and other specified matters.

The insurance policy is the main evidence for the insured to claim compensation from the insurer when the insured suffers losses due to an accident and is also the basis for the insurer to collect insurance premiums. The important information provided by the applicant is set out in the insurance contract as the basis for the insurer to cover the perils. Such as the name and address of the insured, the name and place of the subject of insurance, the amount of insurance, the duration of the insurance, the amount of premiums paid, and the warranties or undertakings made by the insured for the relevant dangers.

CIF = Cost + Freight + Premium.

Under CIF, the seller can be the insured, and the buyer can also be the insured directly, in fact, they are all the same, but many companies in China have CIF terms and conditions, and it is customary for the seller to be the insured and then endorse the buyer because the insurance under CIF is bought for the buyer. The risk in transit is borne by the buyer; If the goods are in danger, the buyer will also claim compensation from the insurance company on the basis of the insurance policy.

The insurance is the goods bought by the buyer, and the buyer bears the insurance cost and asks the seller to insure on behalf of the buyer, and the insurance rights and interests should be the buyer's.

In the case where the seller is the insured, it is necessary to "pass over" the insurance policy representing the insurance interest to the buyer, so that the policyholder of the policy is still the seller, but the insured and the beneficiary become the buyer.

Of course, if the buyer is already insured, there will be no endorsement by the seller.

Extended reading: [Insurance] How to buy, which is better, hand-in-hand simple bureau to teach you to avoid these insurance"pits"

<>CIF insurance is a commonly used form of insurance in the international world, its concept originates from the international transportation of goods, and both the buyer and the seller need to know who bears the responsibility for the goods during transportation. This article will discuss in detail the question of who bears CIF insurance from the definition of CIF insurance, the bearer of responsibility, and the cost of insurance.

1.Definition of CIF Insurance.

2.Liability bearer of CIF insurance.

3.The cost of CIF insurance.

1.Definition of CIF insurance suranced freight) insurance is a form of insurance commonly used in the international **, its concept is derived from the international ** in the transportation of goods, the buyer and the seller need to know who bears the responsibility of the goods in the transportation process. The definition of CIF is:

The seller (i.e. the consignor) bears the freight of the goods during transportation, and the buyer (i.e. the consignee) bears the insurance costs of the goods during transportation.

2.Liability bearer of CIF insurance.

The bearers of CIF insurance are the seller and the buyer, the seller bears the freight of the goods during transportation, and the buyer bears the cost of insurance for the goods during transportation.

In CIF insurance, the seller is responsible for purchasing insurance and handing over the insurance documents to the buyer when the goods are dispatched to guarantee the safety of the goods during transportation. After the goods are shipped, the seller can apply to the insurance company for compensation, and the buyer can apply directly to the insurance company for compensation.

3.The cost of CIF insurance.

The insurance cost of CIF insurance is generally borne by the buyer, the specific insurance cost depends on the value of the goods, the distance of transportation, the mode of transportation and other factors, generally speaking, the higher the insurance cost, the greater the insurance liability.

Conclusion: CIF insurance is a commonly used form of insurance in the international **, its concept is derived from the international ** in the transportation of goods, the buyer and the seller need to know who bears the responsibility of the goods in the transportation process. In CIF insurance, the seller is responsible for purchasing insurance and handing over the insurance documents to the buyer when the goods are issued to guarantee the safety of the goods during transportation, and the buyer bears the cost of insurance for the goods during transportation.

The cost of CIF insurance depends on factors such as the value of the goods, the distance traveled, the mode of transportation, etc.

To sum up, who bears the CIF insurance liability, the seller bears the freight of the goods during transportation, and the buyer bears the insurance costs of the goods during transportation. The insurance cost of CIF insurance depends on the value of the goods, the distance of transportation, the mode of transportation and other factors, therefore, the buyer should reasonably calculate the insurance cost according to the value of the goods, the distance of transportation, the mode of transportation and other factors to ensure the safety of the goods.

The seller of the CIF goods bears the insurance premium. The full name of CIF is Cost Insurance and Freight, which refers to the sum of costs, insurance, and transportation costs. In international **, the ** of the goods includes not only the cost and transportation costs, but also the cost of insurance purchased by the goods during transportation.

According to international** practice, the insurance premium must be paid by the seller of the goods.

Introduction to CIF.

CIF is a commonly used term in external **. In the process, the seller must take the initiative to bear the transportation insurance premium for the buyer. When the buyer does not specify a specific type of insurance and **, the seller can choose the lowest insurance.

If there is a possibility of war in the ** center of both parties, the buyer can ask the seller to increase the type of war insurance purchased, and after the goods arrive, the war insurance cost will be reimbursed by the buyer. CIF also has a similar concept CFR, which is Cost and Freight, specifically, the sum of the cost price of the goods and the transportation fee, excluding the insurance fee.