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1、Practical Writing for Business English,Jia Yan Foreign Language School of Kaifeng University,Unit Ten,Insurance,Teaching Objective of Unit Ten,Learn the importance of marine insurance; Be familiar with insurance polices; Be familiar with the procedure for making insurance; Master the principles of w
2、riting letters in this unit and using these principles into practice; Master the words, phrases, and sentence patterns most frequently used in insurance.,General Introduction,Insurance is a process by which losses fall lightly upon many people instead of heavily upon a few. It is provided to cover a
3、lmost any kind occurrence that may result in loss, and has become a vast subject, entering into almost every activity of human beings. Insurance is closely related to foreign trade. In international trade, the transportation of the goods from the seller to the buyer is usually over a long distance a
4、nd has to go through the procedures of loading, unloading and storing. This process involves various risks even financial losses to both the seller and the buyer. In order to protect the goods against possible losses, before shipment, the buyer or the seller usually applies to an insurance company f
5、or insurance covering the goods to be transported.,Most business people insure their goods against damages by paying a small amount of money into a “pool” of insurance funds. The unfortunate victim whose goods are damaged draws compensation from the “pool” to make up for the damage. The purpose of i
6、nsurance is to provide compensation for those who suffer losses and damages in execution of an order. For this purpose the insurer issues an insurance policy or an insurance certificate, according to which the insurer accepts risks and the insured receives protection from risk. Such protection is pa
7、id for usually at a reasonable percentage of the value insured, which is called as “premium”.,Marin Insurance,Marine insurance mainly concerns the goods or cargoes transported by sea, for a large percentage of international trade has been conducted by ship. Marine insurance provides compensation for
8、 those who have suffered loss or damage of their goods during the transit by sea. It also provides compensation for the marine and shipping industry. Marine insurance covering an international transaction may be arranged by either parties-the seller or the buyer, which depends on different trade ter
9、ms, for,instance, the importer would pay for the premium under contract terms on FOB, FCA, CFR and CPT basis. While on CIF, the exporter will be responsible for paying the insurance. Alternatively, the sales contract may stipulate clearly that the insurance is to be arranged by the exporter for the
10、account of the importer. After the goods are ready for shipment, the insured party will apply for insurance from a certain insurance company. The applicant or the proposer should fill in the special form-the proposal form, which gives all the details concerning ownership, value, length of the time t
11、hat insurance will be for, risks and coverage. At this time, the insured party should know how to determine the insurance value, the averages and coverages.,Parties of the Insurance,Usually, there are two parties involved in insurance. One is the insurer and the other is the insured. In some cases,
12、there may be an insurance broker in between. Once damages occur, the party who suffers will lodge a claim against the insurance policy. This party is called the claimant.,Main Insurance Coverage,The insurer in China is the Peoples Insurance Company of China (PICC), which underwrites almost all kinds
13、 of insurance and has agents throughout the world. The extent of possible insurance coverage that may be purchased varies. The principal coverages which the basic marine policy of the PICC insure against under its Ocean Marine Cargo Clause are as follows: Free from Particular Average (F.P.A); With A
14、verage (WA) or With Particular Average (WPA); All Risks.,F.P.A. is the minimum and most restrictive coverage. It covers losses due to ship being totally lost. Partial loss is not covered. In other words, the insured must therefore assume the risk for any and all partial loss. WPA is a wider coverage
15、 than F.P.A. It covers not only the responsibilities of F.P.A., but also partial losses arising from Natural Calamities such as heavy weather, lightning, tsunami, earthquake, flood, etc. All Risks is the broadest kind of coverage of the three. It is not only inclusive of the coverage in F.P.A. and W
16、.P.A., but also of General Additional Risk. All Risk doesnt mean it can insure all the risks but the risks actually stated in the policy. This kind of coverage is very popular in marine insurance. In China, “All Risks” include all these general additional risks.,The Procedure for Making Insurance,After the insured party is sure that he is clear with the Terms of Insurance, he can do the things below: Filling in insurance police; Paying insurance premium; Lodging a claim once something happ
