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What do freight companies mean by "FOB" and "CIF"?

Discussion in 'Motor Carrier Questions - The Inside Scoop' started by Joyce Sullivan, Aug 20, 2008.

  1. Aug 20, 2008 #1
    Joyce Sullivan

    Joyce Sullivan Bobtail Member

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    Jul 30, 2008
    texas
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    We are trying to get pricing to import some equipment from the EU into the US and the two quotes we have are marked with either FOB or CIF. What does this mean?
     
    Joyce Sullivan, Aug 20, 2008
    Joyce Sullivan, Aug 20, 2008
    #1
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  3. Aug 20, 2008 #2
    truckermario

    truckermario Road Train Member

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    Free on board and, um, cost insurance and freight? :biggrin_25512:

    Or it could be fresh off boat and came inside funny material.:biggrin_25526:
     
    truckermario, Aug 20, 2008
    truckermario, Aug 20, 2008
    #2
  4. Aug 20, 2008 #3
    kurbski

    kurbski Light Load Member

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    644
    Jul 6, 2008
    NE Florida
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    Looked it up on wiki:

    These are global shipping terms that are used in international trade. CIF means Cost Insurance and Freight. That means shipper/Trader has to pay the Cost of shipment up to the ship, Insurance cost of cargo and Freight cost up to destination port. FOB stands for Free On Board which means shipper/trader pays only costs up to the ship and Insurance cost, but freight charges is payed by the Buyer/Consignee.
     
    kurbski, Aug 20, 2008
    kurbski, Aug 20, 2008
    #3
  5. Aug 20, 2008 #4
    Ducks

    Ducks "Token Four-Wheeler"

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    I believe terms usually state "FOB PREPAY AND ADD" or "FOB DESTINATION". Prepay and add means that the shipper pays the freight and insurance costs upfront and then bills the customer via the product invoice. FOB destination means that the shipper pays/absorbs all freight and insurance costs through to the receiver's dock.
     
    Ducks, Aug 20, 2008
    Ducks, Aug 20, 2008
    #4
  7. Dec 25, 2012 #5
    JohnGlade

    JohnGlade Bobtail Member

    14
    0
    Dec 18, 2012
    0
    Hi...
    FOB (Free On Board) & CIF (Cost, Insurance & Freight)
    The major different between them is Transportation cost and insurance during it...
    Free on Board is known as     freight forward ......
     
    JohnGlade, Dec 25, 2012
    JohnGlade, Dec 25, 2012
    #5
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