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					UNIT 12
Insurance
I. Introduction
   Classifications of Insurance
    Concerning means of transportation,
there are four kinds of basic insurance:
    Marine insurance
    Land transportation insurance
    Air transportation insurance
    Mail/Parcel transportation insurance
 Marine insurance was applied to losses
at sea and the other three kinds of
insurance just developed on its basis.
 II. Risks of Marine Transportation
     and Marine Losses
1. Kinds of Risks
   Risk of Marine transportation can be
   divided into two kinds:
   (1) Perils of the Sea (海上风险,“海
   难”)
   (2) Extraneous Risks(外来风险)
  (1) Perils of the Sea
   Perils of the Sea refer to “Natural
Calamities” (自然灾害) and “Accidents”
(意外事故).
    Natural Calamities refer to the
calamities caused by the forces of Nature,
such as heavy weather, lightning, tsunami,
earthquake, and flood.
   Accidents refer to the events
happened unexpectedly, such as the
carrying conveyance being grounded,
stranded, sunk or in collision with
floating ice or other objects as well as
fire or explosion.
  (2) Extraneous Risks

  Extraneous Risks include General
Extraneous Risks ( 一般外来风险) and
Special Extraneous Risks (特殊外来风
险).
General Extraneous Risks refer to the
risks arising from the general extraneous
causes such as theft, rain, shortage, stain,
leakage, breakage, rusting, hook damage.
Special Extraneous Risks refer to the
risks arising from the special extraneous
causes such as war, strike, and
government prohibition.
                                     Natural Calamities
                 Perils of the Sea
Risks of                             Accidents
Marine
Transportation
                                     General Extraneous
                                     Risks
                 Extraneous Risks
                                     Special Extraneous
                                     Risks
2. Kinds of Marine Losses
   Definition:
   Marine Losses (海上损失)refer to the
damage and loss of the insured goods,
caused by Perils of the Sea in the course of
transit.
   ①According to the degree of the loss,
Marine Losses can be divided into two
kinds:

   Total Loss (全部损失)

   Partial Loss (部分损失)
   Total loss means the entire loss of the
whole consignment, which is composed of
actual total loss and constructive total loss.
                    Actual Total Loss
  Total Loss        (实际全损)
                    Constructive Total Loss
                     (推定全损)
   Actual total loss refers to the total loss of an
entire shipment when the property is completely
lost or destroyed and of no commercial value.
   Constructive total loss means the loss where
an actual total loss appears to be unavoidable or
the cost to be incurred in recovering or
reconditioning the goods together with the
forwarding cost to the destination named in the
Policy would exceed their value on arrival.
   Partial loss refers to the losses that are not

covered in actual total loss and constructive total

loss.
   ②According to the nature of the loss,
Marine Losses can be divided into two
kinds:
        General Average (GA)
        (共同海损)
        Particular Average (PA)
         (单独海损)
   General Average is a contribution made, by all
parties concerned in a sea adventure, toward a loss
occasioned by the voluntary sacrifice of the property
of some of the parties in interest for the benefit of all.
   It is called general average, because it falls upon
the gross amount of ship, cargo, and freight at risk and
saved by the sacrifice.
   General Average requires four elements:
(1) The danger is common in which vessel, cargo and
crew all participate.
(2) The danger is imminent and apparently inevitable,
except by voluntarily incurring the loss of a portion of
the whole to save the remainder.
   (3) There must be a voluntary jettison, or casting
away, of some portion of the joint concern for the
purpose of avoiding this imminent peril. In other
words, it is a transfer of the peril from the whole to a
particular portion of the whole.
   (4) The attempt to avoid the imminent common
peril must be successful.
   Particular Average signifies the damages or partial
losses happening to the ship, or cargo, or freight, in
consequence of some fortuitous or unavoidable
accidents; and it is borne by the individual owner of
the articles damaged, or by their insurers.
III. China‟s Marine Cargo Insurance Clause
     and Insurance Coverage
PICC: The People‟s Insurance Company of
    China (中国人民保险公司)
CIC: China Insurance Clause ( 中国保险条
    款)

1. Contents of Ocean Marine Cargo Clause
   P201
   2. Type of Insurance Coverage
  There are mainly two types of insurance
coverage:
  basic coverage (基本险)
  additional coverage (附加险)
Basic coverage mainly includes:
   FPA (平安险)
   WA/WPA ( 水渍险)
   All Risks ( 一切险)
Additional coverage mainly includes:
   General additional coverage
   Special additional coverage
  General Additional Coverage refers to the loss
caused by general extraneous risks, which
includes T.P.N.D. ( Theft, Pilferage and Non-
Delivery偷窃、提货不着险),F.W.R.D. (Fresh
Water and Rain Damage 淡水雨淋险)Shortage
( 短量险) ,Intermixure and Contamination
(混杂、玷污险) ,Leakage(渗漏险),
Clashing and Breakage ( 碰损、破碎险),Taint
of Odor ( 串味险),Sweating and Heating ( 受
潮受热险),Hook Damage (钩损险),Loss
and/or Damage Caused by Breakage of Packing
(包装破裂险),Rusting(锈损险).
  These additional risks cannot be
covered independently and should go
with FPA or WPA and are included in
All Risks Coverage.
  Special Additional Coverage refers to the
loss caused by special extraneous risks,
which includes War Risk ( 战争险),
Strikes Risk ( 罢工险) ,Failure to
Delivery Risk (交货不到险) ,Import
Duty Risk(进口关税险),On Deck
Risk ( 舱面险),Rejection Risk ( 拒收险),
etc., among which War Risk and Strikes
Risk are more common.
  These additional risks are usually taken
act together with FPA, WPA and All
Risks.
 3. Calculation of Insurance Amount
    According to the practices of international insurance market,
the insurance amount is generally calculated based on the
formula: C.I.F. + 10% value, that is to say, cost of goods +
insurance premium + amount of freight + a percentage of the
total sum to represent a reasonable profit on sale of the goods
and incidental costs like processing the claim, survey costs,
possible inflation costs of replacements. It is done this way to
cover the costs of transport in the policy. Especially important
if the damage occurs at the final delivery point. Sometimes,
buyers may request insurances to cover more than 110%. In
such circumstances, the extra premium will be for buyer‟s
account.
        4. Insurance Documents


  In international business, insurance

documents are generally divided into two kinds:

Insurance Policy and Insurance Certificate.
4.1 Insurance Policy

  Insurance Policy is a formal insurance contract
defining the insurance plan, its coverage, exclusions,
eligibility requirements, and all benefits and
conditions that apply to individuals insured under the
plan. In C.I.F, it is a necessary document that the seller
should provide for the buyer.
Contents of the Insurance Policy
1.   Title
2.   Policy No.
3.   The name of the insured
4.   Particulars
     (1) insurance amount
     (2) description of goods
     (3) port of shipment and port of destination
     (4) name of carrying vessel
     (5) Date of shipment
     (6) Kinds of coverage
5. Name of Survey Co. and the place of claims
    payable
6. The place and the date of the policy issued
7. Signature
4.2 Insurance Certificate
  Insurance Certificate is a simplified insurance
contract, certifying that an insurance policy has been
bought and showing an abstract of the most important
provisions of the insurance contract. But it is not a
substitute for the actual policy, and is normally a non-
negotiable document, that is to say, it cannot be
assigned to a third party, and is unacceptable under the
terms of a letter of credit and in making a claim.
             Letter 1

Asking the Buyer to Cover Insurance
   Language Points:
(1) insure v.
   insure the goods +:
   with an insurance company
   for the sum of US$ 100,000
   at the rate of 0.5%
   against all risks
 insurance n.
• insurance agent
  保险代理人
• insurance policy
  保险单
• insurance certificate
  保险凭证
• insurance commission
  保险佣金
• insurance market
   保险市场
• insurance amount
   保险金额
• insurance company
   保险公司

• the insured
   投保人;被保险人
• insurer
   承保人
(2) the policy
   the insurance policy 保险单
(3) charge
    the amount of money 费用
 (4) regarding
    with reference to 有关,至于
 (5) shipment
    In sentence “…we have insured your
shipment of 5,000 sets of „Butterfly‟ Sewing
Machines …”, shipment means “goods shipped”.
  Notes:
When we cover insurance, we must take the
following into consideration:
 – What kind of goods you want to cover
   insurance on, easily break or not, easily
   decay or not, etc.
 – What kind of insurance you want to cover,
   F.P.A., W.A. or A.R. or other additional risks.
 – What kind of insurance company you want to
   choose, national or international, or an agent.
 – What kind of premium you want to pay for
   what kind of coverage.
4. Writing Skills:
When we write such letters, we should ask
the buyer to cover the insurance for us,
often including the following contents:
•giving a reply as a answer to the last
letter
•expressing the requirement on the
specific goods and give some suggestions
on insurance
•expressing expectations or greetings.
               Letter 2
Asking the Seller to Arrange Insurance
on Buyer’s Behalf
  Language Points:
refer you to our Order No. 320 for 200 metric
  tons of wood: 请你们参看我方涉及200公吨
  木材的第320号订单
   refer sb. to sth.: turn to, go to, for information
  请…参看,参照
this order was placed on C.F.R. basis: 我们的订
  单是按成本加运费订购的
at your end: in your place在你处
insure the same on our behalf against All Risks at invoice
  value plus 10%, i.e. $ 5,000: 将上述货物按发票金额外加
  百分之十,即五千美元代我方投保综合险。
insure the same: insure the same goods
on our behalf (in our behalf): in the interest of, on account of
  us
   e.g. Ken is not present, so I shall accept the prize on his
       behalf.
       On behalf of my colleagues and myself, I thank you.
Another examples:
   Please insure (cover) the goods for 110% (120%, 150%) of
  the invoice value.
   Please insure for 10% (20%, 50%) above invoice value.
refund sth. to sb.: pay back, reimburse退还,偿付
 e.g. refund the deposit to you将保证金退还给你
debit note: 借记通知单。将某笔款项借记到某人的
 账户(即从某人的账上提出)后给其发出的通知
draw on us at sight: 开具即期汇票向我方收款
meet with your approval: 得到你方同意
 meet with: experience受到,遇到
 e.g. meet with hostility/ criticism/ kindness
        Letter 3
Reply to the Above Letter
Language Points:
We acknowledge receipt of your letter…, requesting us to effect
  insurance on the captioned shipment for your account: 我们收到你方
 要求我们对标题货物代办保险的信函,费用由你方负担。
acknowledge: v. report that one has received sth. 告知收到(某物)
effect insurance: take out insurance投保
 e.g. We will effect insurance for the car once we receive the
      money.
     The new ruling gives effect to the recommendations of the special
     committee.
for your account: bear the charge by you记在你方帐下,你方付费,由
你方负担
 e.g. We shall cover the goods against All Risks, and the extra premium
      involved will be for buyer‟s account.
The policy is being prepared accordingly: 保险单正相
 应办理
policy: written statement of the terms of a contract of
 insurance保险单
accordingly: as the stated circumstances suggest按此,
 相应
for your information: the information is simply being
  shared and no immediate action is required or
  expected顺便告知
          Letter 4
Asking for Excessive Insurance
Language Points:
We wish to refer you to our Order No. 320 for 200
  metric tons of wood which is placed on C.I.F.
  basis. 请参阅我方据C.I.F. 条款订购200公吨木
  材的第320号订单。

in accordance with: in agreement or conformity with
  按照
        Letter 5
Reply to the Above Letter
Language Points:
Broader coverage, if desired, can also be arranged on
  condition that the extra premium involved is for
  buyer‟s account. 如果你方愿意,我们也可受理更广
  的保险范围,条件是额外的保险费由买房负担。
without any delay/ without delay/ without the least
  possible delay毫不迟延
  e.g. We will send you the goods without any delay.
      The L/C in your favor will be established without
      any delay.
   Letter 6
Insurance Claim
Language Points:
local insurance surveyor: 本地一家保险验货行
 surveyor: official inspector检验员,鉴定人
in the presence of the shipping company‟s agents: 在船运公司代
  理人的监察下
 in the presence of sb.: sb. is present in a place有某人在场
 e.g. He made the accusation in the presence of witnesses.
The case was invoiced as containing 100 toys. 按发票所列明,
 该箱装有100个玩具。
  invoice: n. (make a) list of good sold with the prices charged
  e.g. invoice the orders/ invoice the goods
enclose the surveyor‟s report and the shipping agent‟s statement
   附有保险验货行的报告书和船公司代理人的报告书
take the matter up for us with the insurers: 就此事与保险公司接
   洽
   take sth. up with sb.: speak or write to sb. about sth.; raise sth
   with sb. 向某人谈及某事,向某人提出某事
   e.g. I‟m thinking of taking the matter up with my Member of
   Parliament.
charge to our account: charge by us记在我们帐下
in connection with the insurance claim: 与保险索赔有关,涉及
   保险索赔
   in connection with: with reference to与…有关,涉及…
   e.g. I am writing to you in connection with your job
   application.
              Answer of Exercises:
1. Complete the following sentences by translating the part
   in Chinese into English.
(1) Generally we cover insurance W.P.A & War Risk in the
   absence of definite instructions from our clients (在没有得
   到我方顾客明确指示的情况下)。
(2) In such circumstances, the extra premium will be for
   buyer‟s account (由买方负担)。
(3) We hope the above information will meet your purpose (满
   足你方要求)。
(4) Insurance claim (保险索赔) must be made within nine
   months after the goods are unloaded at the final port of
   loading.
(5) Since the clause of the damage is within the coverage of the
   insurance policy (属于保险单的保险范围之内), you should
   claim compensation from the insurance company concerned.
2. Read the following sentences and try to find
  out the mistakes and make corrections. There is
  one mistake in each sentence.
 (1) We couldn‟t agree to them on the question of
  insurance.
   to → with
 (2) As requested, we have insured the shipment
  through the PICC against all risks for $56,000.
   through → with
(3) Coverage is to be covered by the buyers.
  Coverage → Insurance
 (4) Referring with your enquiry for peanuts, we
 very much regret that the goods are out of stock
 now.
  with → to
 (5) Since the premium varies with extent of
 insurance, extra premium is for buyer‟s account, as
 additional risks are covered.
  insurance → coverage
3. Translate the following sentences.
 Part I Translate the following sentences into English.
(1) 应你方要求,我方已按发票金额的110%对你方520号
订单作了投保,保险终止地为
目的港。
As your request, we have insured your Order No. 520 for the
invoice value plus 10% up to the port of destination.
(2) 从科沃目前的形势看,我方可以做到投保战争险,但
要交额外保险费,因为我方CIF报价没有包括这种险别。
Judging from the recent situation in Kosovo, We can cover
War Risk, but it is subject to an additional premium, because
our CIF quotation doesn‟t include this risk.
(3) 我方希望知道你方能否为葡萄酒承保全损险,包括破
    损险和偷窃险。
   We shall be glad to know whether you can undertake
    insurance of wine against All Risks, including Breakage
    and Pilferage.
(4) 为货物上适当的保险,可使你的货物在海运过程中遭
    到丢失、盗窃和损坏时得到赔偿。
    Obtaining proper insurance for your consignment will
    indemnify you against loss, theft, and damage to your
    shipment at sea.
(5) 如果你方有任何关于保险方面的问题,请立即写信给
    我方,我方将不遗余力地为你方服务。
    If you have any questions concerning insurance, please do
    not hesitate to write us and we will do our utmost to serve
    you.
Part II Translate the following sentences into Chinese.
(1) We will follow our contract and adhere to our usual
  practice and sincerely hope that this will not affect our
  future business relations.
  我方将依照合同,坚持惯例,并诚挚地希望这不会影响
  到我们双方未来的商业关系。
 (2) The franchise for the additional Risk of Breakage on such
  fragile articles is 5%. In other words, if the breakage is
  surveyed to be less than 5%, no claims for damage will be
  entertained.
  对于这种易碎物品的破损险的免赔率为5%。换句话说,
  如果调查证实货物破损率不足5%,保险公司不接受索
  赔。
 (3) In order to protect the goods against possible loss in case
   of such risks, the buyer or seller before the transportation
   of the goods usually applies to an insurance company for
   insurance covering the goods in transit.
   为保护货物免遭这类风险可能造成的损失,买方或卖
   方常常在运输前向保险公司提出申请为运输途中的货
   物保险。
(4) You should study not only the benefits but also the terms
   and limitations of an insurance agreement that appears
   best suited to your needs.
   你不仅要研究各种保险合同所标明的给予保险人的赔
   偿费用,还要研究它的条件与限制,然后选出最适合
   你需要的一种。
(5) The premium charged for the insurance policy is
   calculated according to the risks involved.
   按保险单金额收取的保险费是根据风险大小计算的。
4. Translate the following letters into English:
  Dear sirs,
  We wish to refer you to our Order No. 220 for
  100 “Phoenix” brand bicycles, from which you will
  see that this order was placed on a CFR basis.
  As we now desire to have the shipment insured at
  your end, we shall be much pleased if you will
  kindly arrange to insure the same on our behalf
  against All Risks for 110% of the invoice value.
  We shall of course 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.
 Yours faithfully,
Dear Sirs,

Your shipment was received on September 20. Upon
examination, we found that 8 packages are missing.
We are sure that this was caused by a mistake in your
shipping department.

Please send the missing packages immediately.
Additional shipping costs should not be charged to us.

Yours faithfully,
5. Writing: Fill in the contract form in English with
the particulars given in the following letter:
Sales ConfirmationSales Confirmation No. 95C137
Qingdao, July 17, 2007
Sellers: Shandong Native Produce and Animal By-
Products Import & Export Corporation
Buyers: Smith & Trading Co., Ltd.
This Contract is made by and between the Buyers and
the Sellers, whereby the Buyers agree to buy and the
Sellers agree to sell the under-mentioned commodity
according to the terms and conditions stipulated below:
Commodity: Sweet Potato Slices
Specifications: As per Sample No. sp-03 with moisture not exceeding
16% (Moisture: Max. 16%)
Quantity: 1000 metric tons, 5% more or less allowed
Unit Price: At USD185 per m/t CIFC5% Rotterdam
Total Value: USD185,000 (SAY US DOLLARS ONE HUNDRED
AND EIGHTY-FIVE THOUSAND ONLY), 5% more or less allowed
Packing: In bulk
Insurance: To be covered by the Sellers for 110% of the invoice value
against All Risks and War Risk as per CIC dated 1st Jan. 1981 (of
PICC)
Time of Shipment: During October 11, 2007
Port of Shipment: China port
Port of Destination: Rotterdam
Shipping Mark: At Sellers‟ option
Terms of Payment: By confirmed, irrevocable L/C available by draft at
sight to reach the sellers one month prior to the time of shipment.

				
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