Пойгина Л.Б., Туринова Л.А. - English for Masters. Management Part 2 (1175657), страница 24
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insurance for more than (en years on a single policy, and this meantthat their activities in life assurance were limited. However, in 1971 Lloyd's Life Assurance Ltd. wasestablished and now offers a wide range of life schemes.65Insuring with a Lloyd's member guarantees reliability as all members, like those of the Stock Exchange,have unlimited liability, and there is a fund that will compensate claimants inlne event of a membersbankruptcy. In addition to members there are External Names, people who put up money to guaranteeinsurance and are paid a percentage of the premium.
These people are not underwriters, but arerecommended to syndicates by agents. The largest collective claim ever paid was probably the San Franciscoearthquake of 1906. and the largest marine claim probably the Olympic Bravery, a new tanker that waswritten off in 1976, with underwriters paying $50 million in compensation. This explains why underwritersneed to spread the risk by working in syndicates.IV_______________________________Insurers will cover consignments under all risk policies which wi ll allow compensation in the event ofwar, strikes, civil disturbances, etc. These policies are in the form of valued policies and are based on thestated value of the invoice, plus insurance, freight, and an extra percentage of 10%, 20%, or 30%.
etc. profitmargin for the consignment.There are. however, unvalued policies, when the value of the goods have not been agreed in advance andare assessed at the time of loss. This means the consignor will, if his goods are damaged or destroyed, get themarket price as compensation. The owner of the bill of lading has the right to claims of compensation.All consignments can be covered against all risks in the form of a valued or unvalued policy. Thesepolicies will fall under five main headings:1. Time policy, which insures goods or the vessel for twelve months, e.g. 1 May 1993 to 30 April 1994.2. Voyage policy, which covers the cargo on a voyage from, say, London to Kobe.Lloyd's List, a daily newspaper read throughout the world, gives details of shipping movements, marineand aviation casualties, fires, strikes, etc., and essential information concerning shipping and dry cargomarkets.
In addition Lloyd's Shipping Index offers daily details of the movements of more than 21.000merchant vessels. Lloyd's Loading List provides UK and European exporters with information on cargocarriers to all parts of the world. Lloyd's Register of Shipping, though independent of Lloyd's, works closelywith the organization, combining to produce vessel classification giving details of age, owners, and tonnage.3. Mixed policy, which covers a voyage from A to В and then for a further period of time. This may beused when a ship is going from, say, Southampton to Bermuda, then doing a series of trips from Bermuda toports along the North American coast.4.
Floating policy, which gives cover for a particular amount, say, £500,000 so that it will not benecessary to continually write a new policy for each cargo that the ship carries. As the cover nears its end,the insurance company advises their client, and the premium is paid to renew the policy.5. Open cover agreements, which are made between the underwriter and shipper, with the latter informingthe underwriter, on a declaration form, whenever the shipment is made, and receiving the policy or certificateafter shipment. Forwarding agents often have this kind of agreement with insurance companies, allowingthem to make shipments, then inform the insurance company in arrears, i.e.
after the shipment has beenmade. But the arrangement might only cover certain areas, e.g. North African ports, and consequently theywould have to make special arrangements if a shipment was outside the agreed area.V ________________________________Companies and individuals make claims for loss, damage, or accident, by filling in a claims form, whichtells the insurance company what has happened. If the insurers accept the claim, often after an investigation,they will then pay compensation.The insurance company will not pay compensation if the claimant was negligent; or suffered the injury orloss outside the terms of the policy; or misled the insurers when obtaining insurance, e.g.
overvalued thearticle; or insured the same thing twice; or gave false information on the proposal form.As we have seen, all risk, policies generally cover against every eventuality. However, clauses should bestudied carefully. If a policy is free from particular average, in the case of deliberate damage, i.e. damagecaused to save the rest of the cargo, as in, say, , the case of a fire in a ship, only total loss will be paid by theinsurance company, and part loss in the case of major disasters, e.g. fire or collision. If the policy has a withparticular average clause, then partial loss will be compensated.As in the case of large claims in non-marine insurance average adjusters, i.e.
assessors, are called in toexamine damage and estimate compensation. In a c.i.f. transaction, the exporters transfer their right to66compensation, as the importer holds the bill of lading. In f.o.b. and с & f. transactions importers hold theinsurance policy as they arrange their own insurance.(from "Insurance" by A.Ashley)2. Scanning exerciseScan through the text to find information on 5 aspects:a) Life Assurance concept;b) Property insurance;c) Lloyd's Shipping Index;d) Floating policy;e) Unvalued policies.3. Vocabulary Study exerciseGlossaryan underwriterthe premiuma cover noteindemnificationLife Assurancebenefit paymentFire insuranceAccident Insuranceinsurance of liabilityproperty insurancepersonal accident insuranceinsurance of interesta claims forma claimantinternational insurance marketoriginal positionnegligentan independent assessormarine insurancevalued policiesunvalued policiestime policyvoyage policymixed policyfloating policyopen cover agreementto cover against every eventualityto be free from particular averagedeliberate damageLloyd's of LondonLloyd's ListLloyd's Shipping IndexLloyd's Loading ListLloyd's register of Shipping67a) match the following word combinations as they occur together in the text:1.
insurance2. a proposal3. a cover4. market5. an independent6. life7. benefit8. fire9. all risk10. Fidelity11. a claims12. insurance of13. Lloyd's14. deliberate15. open covera)b)c)d)e)f)g)h)i)j)k)1)m)n)o)assessorassurancedamagepaymentlistpoliciesinterestformformP»l'cypriceagreementinsurancelondsnoteb) complete the sentences matching the right word or word combinations:1. assurance2. insurance3. Proposal Forma) On acceptance, the client is issuedwith a _______whichgives him cover until the policy is ready.b) However, most exporters ship under an ______ covers themagainst most eventualities and allows them compensation forloss or damage, plus ten percent.c) Numerous types of policies areavailable to offer __________ but the client has to decidewhich hazards apply to him.4.
indemnificationd) ________ is concerned with offering benefit payment eitherto dependants, in the case of death or incapacity, or in thecase of endowment schemes, a lump sum or pension after anumber of years' contributions.5. insurance companiese) ______________ offers shippers a variety of policies to covershipments.f) ______ is designed to cover a business or individual againstrisks such as loss, damage, or injury.6.
all risk valued policy7. floating policiesg) _______ is the cover which allows compensation in the eventof loss or damage, and is calculated on the market value ordepreciation value of goods, not their original value.8.marine insuranceh) As insurance is based on the principle of good faith, andsupported by laws against fraud. ________ accept that theitems being insured belong to the client, are not being insuredmore than once, are of the value stated, and that the client willfollow the conditions of the policy.9. cover against eventualitiesi) Open cover and _______ are used when the exporter makesregular shipments. These give him a total amount of coverwhich decreases as each shipment's value is declared, but canbe renewed.j) To be insured, a client completes a __________ , the premiumis then assessed and quoted, in the UK, in pence per cent10.
cover note68с) match the following Russian word-combinations with their English equivalents. Consult a dictionary toexpand our vocabulary.1. поручитель-гарант, страховщик Ллойдз; 2. оценщик размера страхового убытка; 3. определитьсумму денежного возмещения; 4. эксперт по оценке истинной суммы заявленных исков; 5.рекламация; 6. предъявлять иск; 7. страховой сертификат; 8. застрахованное лицо; 9. страховщик; 10.страхователь (лицо, выплачивающее страховые взносы); 11.
страхование от всех рисков; 12. страховаяответственность; 13. страхование оп чрезвычайных ситуаций; 14. страховые платежи; 15. страхованиеответственности; 16. заключить страхование; 17. страхование с включением случаев частной аварии;18. страховой полис; 19. фирменный страховой агент; 20. застрахованный по страхованию жизни; 21.полис страхового вклада; 22. полис пожизненного страхования; 23. льготный страховой полис; 24.страховая премия; 25.
страхование от несчастного случая; 26.полис страхования от простоевпроизводства; 27. морское страхование; 28. личное страхование от болезней; 29. страхованиеимущества; 30. страхование от потерь вследствие плохих погодных условий; 31. судоходный регистрЛлойдз; 32. Лист погрузки Ллойдз.Assured; to assess damage; a cover note; Lloyd's Register of Shipping; Whole (of) life policy; insurancepolicy; insurance lied agent; qualifying policy; insurer; assessor; Lloyd's underwriter; claim; insuranceadjuster; to make a claim; insured; insurance liability; liability insurance; insurance with average; insuranceagainst all risks; insurant; to effect insurance; insurance on a contingency basis; endowment assurancepolicy; business-interruption policy; property insurance; accident insurance; private health insurance; pluvialinsurance; premium; marine insurance; insurance payments; Lloyd's Loading List.4, Summarizing exercisea) Sum up the main points presented in Text 8.
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