Cost, Insurance and Freight (CIF)
Seller pays freight and insurance to the destination port, but risk passes at origin.
Under CIF the seller contracts and pays for carriage to the named destination port and takes out insurance for the voyage. Risk, however, transfers when the goods are on board at origin.
So goods can be lost mid-ocean and it is the buyer's loss, even though the seller booked the voyage and holds the policy. The buyer claims on insurance the seller arranged. Minimum cover under Incoterms 2020 CIF is Institute Cargo Clauses (C), which is narrower than most people assume.
Customs generally adds freight and insurance to the dutiable value under CIF, which is why the invoice should show them as separate lines.
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See also