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Unit Eight Insurance

Unit Eight Insurance. Objectives. To know about insurance words and phrases To know about how to make insurance To learn the phrases and expressions about insurance To learn how to write a business letter about insurance. Content. Introduction. Insurance clause. Dialogues.

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Unit Eight Insurance

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  1. Unit Eight Insurance

  2. Objectives • To know about insurance words and phrases • To know about how to make insurance • To learn the phrases and expressions about insurance • To learn how to write a business letter about insurance.

  3. Content Introduction Insurance clause Dialogues Marine cargo clause All risks Sample Letters TPND Formal letter Expressions

  4. Words and phrases • insure  保险；投保；保证 • insurance 保险；保险费；保险金额 • underwriters       保险商（指专保水险的保险商）保险承运人 • insurance company    保险公司 • insurer                 保险人 • insurance broker        保险经纪人 • insurance underwriter   保险承保人 • insurance applicant     投保人 • insurant, the insured   被保险人，受保人 • insurance coverage; risks covered 保险范围

  5. insured amount          保险金额 • insurance clause        保险条款 • PICC (People ’s Insurance Company of China)    中国人民保险公司 • premium rate            保险费率 • premium                 保险费 • insurance free of (from) particular average (FPA).     平安险（单独海损不赔） • insurance with particular average (WPA) 水渍险 • insurance against all risks.   一切险

  6. risk of breakage        破碎险 • risk of clashing        碰损险 • risk of rust            生锈险 • risk of hook damage     钩损险 • insurance against total loss only (TLO)  全损险 • risk of deterioration        变质险 • risk of packing breakage     包装破裂险 • insurance against extraneous risks, insurance against additional risks  附加险 • risk of theft, pilferage and non-delivery (TRND)   盗窃提货不着险

  7. risk of fresh and/of rain water damage (wetting)   淡水雨淋险 • risk of leakage    渗漏险 • risk of shortage in weight/quantity   短量险 • ocean marine cargo insurance clauses 海洋运输货物保险条款 • ocean marine cargo insurance, marine insurance     水险（海运货物保险） • All Risks     一切险 • average       海损

  8. Particular Average (P.A)   单独海损 • General Average (G.A)      共同海损 • Marine Losses      海损 • partial loss       部分损失 • total loss         全部损失

  9. Terms explanation Perils of the sea: natural calamities: heavy weather, lightening, earthquake, volcanic eruption and so on. fortuitous accidents: fire, explosion, vessel being stranded, grounded, sunk or capsized, collision or contact of vessel with any external object other than water

  10. Natural Calamities Heavy weather lightening earthquake Volcanic eruption tunami

  11. Fortuitous accidents fire explosion collision stranded sunk grounded

  12. Extraneous risks: General Extraneous Risks: theft and pilferage, contamination, leakage, breakage, sweating and/or heating, taint of odor, rusting, hook damage, fresh and/or rain water damage, short-delivery and non-delivery, shortage in weight, clashing and so on. Special Extraneous Risks: war, strike, failure to deliver due to some special laws or regulations.

  13. Total loss: Actual Total Loss (实际全损) Constructive Total Loss (推定全损) Partial loss: General Average (共同海损) Particular Average (单独海损)

  14. Basic coverage FPA: Free From Particular Average a limited form of cargo insurance cover under which no partial loss or damage is recoverable. It only provides coverage for total losses and general average emerging from the actual “marine perils” like vessel being stranded, grounded or sunk. WPA: With Particular Average WA: With Average a wider cover than FPA. It provides extensive cover against all losses or damage due to marine perils throughout the duration of the policy, including partial loss or damage which may be attributed to natural calamities like heavy weather.

  15. All risks: the most comprehensive of the three basic coverage under which the insurer is responsible for all total or partial loss of, or damage to the goods insured either arising from sea perils or general external causes.

  16. Additional coverage General additional risks —general extraneous risks Special additional risks —special extraneous risks

  17. Brief Introduction • Cargo insurance undertaken by the insurance company covers the risks arising from the maritime conveyance of merchandise from one country to another. • FPA: free from particular average • WA or WPA: with average or with particular average • AR: all risks • Parties: insurer, insured, insurance broker

  18. Dialogue one • insurance policies: 保险单 • consignment: 寄送 • coverage: 保险范围 • Risk of Shortage: 短量险 • international practice: 国际惯例 • insurance premium: 保险费 • invoice value: 发票金额

  19. exercise 对于以CIF价格成交的交易,我方通常向中国人民保险公司根据1981年1月1日的海洋运输公物保险条款投保一切险。若买方要求依据协会货物保险条款办理，我方可以照办，但两者保费的差额由对方支付。

  20. Dialogue two • clause: 条款 • natural calamities: 自然灾害 • additional premium: 额外保费 • People’s Insurance Company of China

  21. Procedures of marine insurance • To apply for marine insurance • To determine the insurance value of the goods to be insured • To determine the insurance average and coverage • To determine insurance premium • To sign an insurance policy • To lodge an insurance claim

  22. Insurance against All Risks Dear Sirs, Sub: our order No.1. Your S/C No. 010 Covering 600 Cases Mechanical Toys We wish to refer you to our order No. 1 for 600 cases Mechanical Toys, from which you will see that this order was placed on CIF basis. As we now desire to have the consignment insured at your end, we shall be much pleased if you will kindly arrange to insure the same on our behalf against All Risks at invoice value plus 10%, i.e. US $ 300.00 Of course, we shall refund the premium to you upon receipt of your debit note or, if you like, you may draw on us at sight for the same. We sincerely hope that our request will meet with your approval. Yours faithfully

  23. Insurance against All Risks • 这是一封一切险的信函 • All Risks: 一切险，综合险 • 本文首先以Sub 开头，提示合同、货物等，让读信人对信的内容有初步了解，行文中提出具体保险要求包括投保地、保费等，最后希望对方同意 • On behalf of: 代表，为了… 利益 • Consignment: 托运，交付 • Consignee • Consigner • Consigned goods

  24. Sample B Dear Sirs, Regarding S/C No. 250 covering cotton cloths, we would like to inform you that we have established with the Bank of China a confirmed, irrevocable L/C No. 321 amounting to stg. 20,00 with validity until 21st May. Please see to it that the above-mentioned goods are shipped before 21st May and insured against all risks for 110% of the invoice value. We know that according to your usual practice, you insure the goods only for full invoice value. Therefore, the extra premium will be for our account. Please arrange the insurance as requested and send us your shipping advice. Sincerely,

  25. Sample B • 首先通知对方信用证已开出，再告之具体要求，最后希望对方尽早安排投保和装运。语言直接简洁。 • Regarding: 关于 • Validity: 有效期 • See to: 确保

  26. Request for covering TPND Gentlemen: This is to acknowledge our receipt of your letter dated 3rd March. We are glad to note that the goods of our order No. 15 will be shipped per S.S. “Peace” due to leave your port at the end of this month. You will arrange to take out WPA insurance policy for us on our order. We think the goods we ordered call for entirely good measures. Could you cover TPND on our order for us? The additional premium is for our account. We hope the above will be acceptable to you. Sincerely yours,

  27. notes • 首先说明收到信函，然后卖方已做工作非常满意，再提出新的保险要求和支付问题，并希望得到对方同意。 • 此信函简洁、明了 • WPA/WA: with particular average • TPND: theft, pilferage and non-delivery risks • The additional premium is for our account The extra charge will be borne by the buyer The extra charge will be for the buyer’s account The extra charge will be at the buyer’s cost The extra charge will be paid by the buyer.

  28. A formal letter of insurance • Questions 1. what information do we get from the first paragraph of the letter? 2. why does the writer recommend PICC? 3. how does the writer introduce extraneous risks? 4. how about the insured amount?

  29. A formal letter of insurance 写作步骤： 1）左上方是写信人公司名称、地址和写作时间 2）左下方是收信人地址 3）说明收到对方要求保险的信函 4）提供详细的情况介绍 5）希望优质服务早日赢得对方的订单为信函的结尾 W/W: warehouse to warehouse clause CIC: China Insurance Clauses ICC: Institute Cargo Clause

  30. Insurance: • Insurance on + 保险货物 • Insurance on 1000 sets of electric fans • Insurance for + 金额 • Insurance for 10% of the invoice value • Insurance against + 保险险别 • Insurance against All Risks • Insurance at + 保险费 • Insurance at premium of 5% • Insurance with + 保险公司 • Insurance with PICC

  31. expressions • We shall cover TPND on your order. • The goods are to be insured against leakage. • How do you cover insurance? • This insurance policy covers us against All Risks. • We usually insure against All Risks for 10% above the invoice value. • Sellers will not in any event be liable for incidental or consequential damages. • We know that according to your usual practice, you insure the goods only for 10% above invoice value, therefore, the extra premium will be for our account.

  32. In the absence of definite instruction from our clients, we generally cover insurance against WPA and War risk; if you desire to cover FPA, please let us know in advance. • Should the damage be incurred, you may, within 60 days after the arrival of the consignment, file a claim with the insurance company. • After loading the goods on board the ship, you must go to the insurance company to have them insured. • Insurance is to be covered by the seller for a sum equal to the amount of the invoice. • We shall provide such insurance at your cost.

  33. We have covered insurance on the 100 metric tons of wool for 110% of the invoice value against risks. • The insurance covers only WA and war risk. If additional insurance coverage is required, the buyer is to bear the extra premium. • Our quotation is on CIF basis. If you prefer to have the insurance to be covered at your end, please let us know so that we may quote you CFR prices. • We are enclosing details of the shipment to be insured under our usual conditions. • We request you to extend the insurance coverage to include leakage.

  34. We generally insure WA on CIF basis. • If any damage to the goods occurs, a claim may be filed with the insurance agent at your end, who will undertake the compensation for the loss sustained. • We wish to renew the above policy for the same amount and the same terms as before to cover the following. • We can accept the other insurance terms unconditionally with the exception of the insured amount. • In the light of the actual findings, they will compensate you for the loss according to the provisions of the insurance company. • As our insurance company is a state-owned enterprise enjoying high prestige in settling claims promptly and equitably. You are advised to do business with us on CIF basis and leave the insurance to be effected by us.

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