世纪商务英语口译教程Unit7

Unit 7 Insurance

Related Information

The Basics of Cargo Coverage

1. “ALL RISK”coverage

The broadest form of coverage is “ALL RISK”, which, as a misleading name for an insurance policy, provides wide cover but does contain a number of exclusions. The term “All Risks”should not be taken too literally and in some jurisdictions the term is no longer used.

An “ALL RISK”policy insures approved general merchandise in the event of physical loss or damage from any external cause. This includes new packaged goods without unusual susceptibility to loss from breakage, pilferage, or the nature of the goods themselves. “ALL RISK”policies do not cover all losses possible in the course of an international shipment.

2. General Average

In order to save a ship in peril of sinking during a storm, some of the cargo may have to be thrown overboard. The ship owner and the owners of the saved cargo obviously benefit at the expense of the owners of the jettisoned cargo. This was deemed unfair and the principle of “General Average” evolved so that all parties would contribute in such a situation.

3. (With) Particular Average (WPA)

In ocean marine insurance, Particular Average refers to a loss either partial or total, which falls on one or more property or interest being shipped, as opposed to a general average.

4. Free of Particular Average (FPA)

This is an ocean marine policy provision where coverage is provided only if a total loss of the insured property occurs from an insured peril.

FPA (American clause) is limited coverage that usually applies to used merchandise, waste materials and goods shipped subject to an on deck bill of lading. It covers partial and total losses due to FPA perils, which include the sinking, stranding, burning or collision of the vessels or catastrophic perils on shore such as earthquake, derailment, collapse of dock, fire, etc.

5. WAR RISK

Special coverage on cargo in overseas ships against the risk of being confiscated by a government in wartime. It is excluded from standard ocean marine insurance and can be purchased separately.

6. Inherent Vice

Certain goods are, by their very nature, susceptible to damage and it would be

unreasonable to expect insurers to pay for such damage. Examples of Inherent Vice are deterioration of Perishable Goods, spontaneous fermentation or combustion of improperly dried grain.

7. WAREHOUSE TO WAREHOUSE protection

Most cargo insurance protects goods in transit from the time they leave the shipper’s warehouse until they reach the consignee’s warehouse, as long as they are not taken out of the normal course of transit by the insured.

Lead-in

1. Listening

1. D

2. B

Tape Script:

Tim is talking to Judd about the insurance of a product order.

Tim: Good morning, this is Tim. Is that Judd?

Judd: Yes, this is Judd speaking.

Tim: I’m calling to discuss the insurance coverage you requested for your order.

Judd: Good, we requested an amount thirty percent above the invoice value.

Tim: We have no problem complying with your request, but we think that the amount is a bit excessive. You know according to our usual practice，we insure the goods only for 10% above the invoice value.

Judd: Yeah, but in the past, we’ve really been put in a bind because of damaged goods. Tim: I understand your concern. However, usual coverage for goods of this type is the total invoice amount plus only ten percent.

Judd: We could feel more comfortable, though, with thirty percent.

Tim: Unfortunately, if you want the increase in coverage, the extra premium will be for your account.

Judd: But shouldn’t your quotation include adequate coverage against risks?

Tim: That quotation involved normal coverage, but not all. So I suggest you contact your insurance agent there and compare rates.

Judd: OK. Thanks. I’ll check it out.

2. Spot Dictation

Part 1 1. T 2. T 3. F 4. F 5.F

Part 2 1.practice 2. insurance 3. insure

4. the People’s Insurance Company of China

5. premium

6. covered Tape Script:

Sophia: According to our usual practice, we do business with our customers on a CIF basis, Mr. Smith.