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OFFICIAL USE ONLY CIF #: Date opened: Branch:CUSTOMER INFORMATION UPDATE FORM BUSINESSPlease review the information below and indicate correctness and acceptance by signing in the space(s) provided
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How to fill out cost insurance and freight

01
Identify the value of the goods being shipped.
02
Determine the transportation method being used.
03
Calculate the insurance cost based on the value of the goods and the risk factor.
04
Add the cost of insurance to the freight cost.
05
Fill out the appropriate paperwork with the insurance and freight details.

Who needs cost insurance and freight?

01
Importers and exporters who want to protect the value of their goods during transit.
02
Shipping companies looking to provide comprehensive services to their clients.
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Cost, Insurance, and Freight (CIF) is a trade term that requires the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the necessary documents for obtaining the goods from the carrier.
The seller is required to file cost insurance and freight.
To fill out cost insurance and freight, the seller needs to arrange for the shipment of the goods, provide insurance coverage, and handle the necessary paperwork for the buyer to take possession of the goods at the port of destination.
The purpose of cost insurance and freight is to ensure the safe and timely delivery of goods from the seller to the buyer, with insurance coverage in case of any damage or loss during transit.
The information that must be reported on cost insurance and freight includes details of the goods being shipped, the destination port, the insurance coverage provided, and any additional charges or fees incurred during the shipment process.
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