In a CIF contract, the ocean carrier needs to arrange the costs, insurance, and freight in...

In a CIF contract, the ocean carrier needs to arrange the costs, insurance, and freight in the transportation arrangement.

(a) Comment whether this is a correct statement.

(b) When the cargo was damaged, the insurance money will go to who.

Expert Solution

a:-CIF is an incoterm which stands for Cost Insurance freight which is paid by seller and buyer has less responsibility in the shipment.Ocean career doesn't have to arrange insurance and it has to be arranged by the buyer

b:-When cargo got damaged insurance money will go to buyer as buyer arrange and pay for all insurance.

keosha answered 2 years ago

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