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Chapter 11 Insurance Chapter 11 Insurance

Contents 1. Revision 2. New Lecture 3. Useful Expressions 4. Exercises Contents 1. Revision 2. New Lecture 3. Useful Expressions 4. Exercises

By learning this unit, you are supposed to be able to: 1. Understand the By learning this unit, you are supposed to be able to: 1. Understand the importance of insurance. 2. Know the basic knowledge and types of insurance. 3. Write letters to talk about insurance.

Revision I. Translate the following phrases from English to Chinese or vice versa. • Revision I. Translate the following phrases from English to Chinese or vice versa. • 1. non-negotiable B/L • 2. voyage charter • 3. ETD • 4. dispatch money • 5. shipping space • 6. 运输合同 • 7. 班轮提单 • 8. 滞期费 • 9. 指示提单 • 10. 运费

II. Sentence Translation. • 1. There’s still another possibility to ensure a prompt delivery II. Sentence Translation. • 1. There’s still another possibility to ensure a prompt delivery of the goods. • 2. If shipment were effected from Hong Kong, we could receive the goods much earlier. • 3. They hold a discussion on the time of shipment for fireworks.

 • 4. I’m sorry to tell you that we are unable to give • 4. I’m sorry to tell you that we are unable to give you a definite date of shipment for the time being. • 5. After shipment, it will be altogether four to five weeks before the goods can reach our retailers.

New Lecture New Lecture

Background Knowledge • What is insurance? • 保险是一种契约行为,指被保险人(出口 商或进口商)给予保险人(保险公司)一 定的保险费,而由保险人负责赔偿被保险 人未来可能遭受的某种损失。 • 办理保险手续和支付保险费,可由卖方负 责,也可由买方负责,视合同使用的贸易 Background Knowledge • What is insurance? • 保险是一种契约行为,指被保险人(出口 商或进口商)给予保险人(保险公司)一 定的保险费,而由保险人负责赔偿被保险 人未来可能遭受的某种损失。 • 办理保险手续和支付保险费,可由卖方负 责,也可由买方负责,视合同使用的贸易 术语而定。

Importance of Insurance • Insurance is closely related to international trade. In international business, Importance of Insurance • Insurance is closely related to international trade. In international business, the transportation of the goods from the seller to the buyer is usually over a long distance and has to go through the procedures of loading, unloading and storing. This process involves varies risks which may result in the damage or loss of the goods, and thus the inconveniences or even financial losses to both the seller and the buyer. To protect the goods against possible losses, before shipment, the buyer or the seller usually applies to an insurance company for insurance covering the goods to be transported.

 • The international trade is subject to many risks. Ships may sink or • The international trade is subject to many risks. Ships may sink or goods be damaged in transit, exchange rates may alter, buyers default or government suddenly impose an embargo. Therefore, exporters and importers have to insure themselves against many of these risks.

 • As far as international trade is concerned, what mainly concerns to us • As far as international trade is concerned, what mainly concerns to us is still the marine insurance, for a large percentage trade goes by ship. • 由于国际贸易的货物大多数是通过海洋运输的, 所以海洋运输货物保险就显得特别重要。 • 它主要分为平安险、水渍险和综合险 3种。投保 时,通常选择这三种基本险别的一种,然后根 据货物的性质、包装等,加保其他必要的特殊 附加险别。

Three basic types of insurance: • 1. Free of Particular Average (F. P. A) Three basic types of insurance: • 1. Free of Particular Average (F. P. A) 平安险 • 单独海损不担保(是范围较窄的 一种险,只负责诸如船的搁浅、 沉没等“海难”引起的全损及共同 海损的赔偿)

 • 2. With Particular Average (W. P. A) or With Average (W. A) • 2. With Particular Average (W. P. A) or With Average (W. A) 水渍险 • 单独海损赔偿险(比平安险的范围要广 一点,对整个保险期内由海难引起的全 部损失或损坏提供广泛的保险,包括对 恶劣天气等自然灾害所引起的部分损失 或损坏的赔偿) • 3. All Risks 一切险 • 综合险(是三个基本险中范围最广的)

其他附加保险 General additional risks usually are: • Theft, pilferage and non-delivery (T. P. N. 其他附加保险 General additional risks usually are: • Theft, pilferage and non-delivery (T. P. N. D) • Fresh Water and/or Rain Water Damage • Risks of Shortage • Risks of Hook Damage • Risk of Breakage of Packing • It must be noted that, in China, all these general additional risks are included in “All Risks”.

Special additional risks usually are: • Failure to Delivery Risks • War Risks • Special additional risks usually are: • Failure to Delivery Risks • War Risks • Strike, Riots and Civil Commotions (S. R. C. C). • Special additional risks are not included in All Risks and have to be taken separately.

Writing Strategy • An insurance letter is composed of three main parts as follows: Writing Strategy • An insurance letter is composed of three main parts as follows: • 1. The opening sentence: express thanks for the previous letter of insuring the goods and confirm the insured goods. • 2. The middle part can be divided into several paragraphs if necessary, and it states the details of insurance completely. • 3. The closing sentence: hope to make a response promptly.

 • While writing a letter on an opening policy by the clients, one • While writing a letter on an opening policy by the clients, one should make the aims clear, ask for the policy politely, and pay more attention to politeness, conciseness and completeness.

Textbook Section 1 Asking for Insurance Arrangem ent Section 2 Open Cover Policy Section Textbook Section 1 Asking for Insurance Arrangem ent Section 2 Open Cover Policy Section 3 Section 4 Reply to an Insuran ce Applicat ion Request for Excessi ve Insuran ce

Section 1 Asking for Insurance Arrangement Letter 1 • Dear Sirs, • We have Section 1 Asking for Insurance Arrangement Letter 1 • Dear Sirs, • We have pleasure in informing you that we’ve booked S/S, “East Wind”, which is leaving Guangzhou for New York on July 5 th 1991, to carry 1, 000 cartons of Litchi with a total invoice value of HK$20, 000. Eagle & Puma Ltd. , the consignee, entrusts① us with insuring the consignment against ALL Risks②. The amount to be covered is the total invoice value plus 10%. Please quote us the lowest rate for the cover. • Yours faithfully,

Language Points 1. entrust v. 委托,信托 e. g. We will entrust your company as Language Points 1. entrust v. 委托,信托 e. g. We will entrust your company as the only business agent of our company in China. 我们将委托贵公司作为我公司在中国的独家业务代理。 2. ALL Risks: 一切险,简称AR,它的责任范围在三种主要险 别中是最大的。它不仅负责平安险(FPA)和水渍险( WA)的责任,而且还负责一般附加险的责任。 3. 中国保险公司项下的远洋运输保险条款有三个基本险别: 平安险(FPA)、水渍险(WA)和一切险(AR)。在 我国,货物保险分为基本险与附加险,附加险又分为一 般附加险和特殊附加险。例如:偷窃与提货不着险属于 一般附加险,而罢 、暴动和民变险和战争险属于特殊 附加险。附加险不可单独投保,它必须在基本险的基础 上一起投保。

Section 1 Asking for Insurance Arrangement Letter 2 • Dear Sirs, • Referring to Section 1 Asking for Insurance Arrangement Letter 2 • Dear Sirs, • Referring to our contract, you will see the transaction is concluded on CFR basis. • As discussed in our e-mail, we now desire to have the order insured at your side. We shall very much appreciate it if you could have the goods covered for our account against FPA② and Aflatoxin Risk③ for 110% of the invoice value, totally GBP 55. 000. We will refund the premium to you upon receipt of your draft at sight on us or a debit note. • We sincerely hope our request will meet your approval. • Looking forward to your early reply. • Yours truly,

Language Points 1. 2. 3. 承保人和投保人之间的契约被称为保险单或保险凭 证。在保单项下所规定的保险条款中,通常包含一 下内容:谁投保保险,投保何种险别,按发票金额 的百分之几投保,并列清单即将以何种保险条款执行。 FPA: free of particular average Language Points 1. 2. 3. 承保人和投保人之间的契约被称为保险单或保险凭 证。在保单项下所规定的保险条款中,通常包含一 下内容:谁投保保险,投保何种险别,按发票金额 的百分之几投保,并列清单即将以何种保险条款执行。 FPA: free of particular average 【保险业】单独海损 不赔,平安险 Aflatoxin Risk 黄曲霉素险 该附加险承保被保险货物(主要是花生、谷物等易 产生黄曲霉素)在进口港或进口地经卫生当局检验 证明,其所含黄曲霉素超过进口国限制标准,而被 拒绝进口、没收或强制改变用途所造成的损失。按 该险条款规定,经保险人要求,被保险人有责任处 理被拒绝进口或强制改变用途的货物或者申请仲裁。

Section 1 Asking for Insurance Arrangement Letter 3 • Dear Sirs, • We would Section 1 Asking for Insurance Arrangement Letter 3 • Dear Sirs, • We would like to insure the following consignment against All Risks and SRCC① for the sum of U. S. $ 50, 000: • 10, 000 yards of watered silk. • These goods are to be loaded on to the S. S Chang Feng which sail from Dalian on May 15 and is due in London on June 2. • As the matter is urgent, we would appreciate an early reply. Thank you. • Yours faithfully,

Language Points 1. SRCC: strike, riots and civel commotion 罢 、暴动、民变险 Language Points 1. SRCC: strike, riots and civel commotion 罢 、暴动、民变险

Section 1 Asking for Insurance Arrangement Letter 4 • Dear Sirs, • We wish Section 1 Asking for Insurance Arrangement Letter 4 • Dear Sirs, • We wish to refer you to our Order No. 123 for 1000 cases Toys, from which you will see that this order was placed on CFR① basis. • As we now desire to have the shipment insured at your end, we shall appreciate it if you will kindly arrange to cover the same on our behalf② against All Risks at Invoice value plus 20%, i. e. US$ 100, 000. • We shall of course refund the premium to you upon receipt of your debit note or, if you like, you may draw on③ us at sight for the same. • We sincerely hope that our request will meet with your approval. • Yours faithfully,

Language Points 1. CFR 价格术语,cost and freight的缩写,成本加运费价 e. g. Order No. 123 for 1000 Language Points 1. CFR 价格术语,cost and freight的缩写,成本加运费价 e. g. Order No. 123 for 1000 cases Toys is order was placed on CFR basis. 订购 1000箱玩具的123号订单是在成本加运费价基 础上签订的。 2. on one’s behalf / on behalf of sb. 代表(或代替某人) e. g. Will you cover the same on our behalf against All Risks at Invoice value plus 20%? 贵公司能否代表我方按发票金额的20%同样投保一切 险? 3. draw on sb. at sight for / against 向某人即期汇票索取 e. g. 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. 我们将在收到你们的收款单后付还保险费,或者你们 也可以像我们即期汇票索取。

Section 2 Open Cover Policy Letter 1 • Dear Sirs, • We are in Section 2 Open Cover Policy Letter 1 • Dear Sirs, • We are in receipt of your letter of July 20 asking us to cover insurance① on the captioned goods for you. • In compliance with your request, we have contracted the insurance company here and covered the goods with them against All Risks and Clash &Breakage Risks② for 130% of the invoice value, totaling US$ 18,200. The policy is being prepared accordingly and will be forwarded to you by airmail within one week. Please pay the premium by check into our account with the Bank of China, Beijing. • For your information, we arranging shipment of the above goods by S. S. • Yours faithfully,

Language Points 1. cover insurance for: 为……投保 e. g. We shall cover the glassware Language Points 1. cover insurance for: 为……投保 e. g. We shall cover the glassware against breakage risk. 我们将为这些玻璃器皿投保破碎险。 2. Clash & Breakage Risks 碰损破碎险

Section 2 Open Cover Policy Letter 2 • Dear Sirs, • We are glad Section 2 Open Cover Policy Letter 2 • Dear Sirs, • We are glad to learn from our connections① that, as an insurance company in the world, you have so far provided satisfactory service to all your customers. Now we avail ourselves of this opportunity to approach you for insurance on the goods we are going to purchase from Japan. • We have concluded business with the Japan suppliers for large quantities of household electric appliances and the goods are to be shipped from Osaka③ to us in ten installments② within fifteen months. To save time and cost, we should find someone who can issue open polices for our imports at the most favorable rates. If you are interested, please fax us immediately so that we can send you details of the goods that are to be imported and negotiated further with you. • We are waiting for your good news. • Yours faithfully,

Language Points 1. connection n. 客户,顾客;关系,联系 e. g. We have good connections with all Language Points 1. connection n. 客户,顾客;关系,联系 e. g. We have good connections with all the leading importers and wholesales in our country. 我们与我国所有主要进口商,批发商有着密切的联系。 2. installment 分期,分批 e. g. We didn’t buy the goods on installment basis. We want them to be shipped in one lot. 我们不是按分批装运买进该货物的,我们要求一次装运。 How many installments did it take to pay off the loan? 贷款是分几期偿还的? 3. Osaka 大阪(日本港市)

Section 2 Open Cover Policy Letter 3 • Dear Sirs, • We acknowledge with Section 2 Open Cover Policy Letter 3 • Dear Sirs, • We acknowledge with thanks the receipt of your letter of August 1 st. We are pleased that you would like to insure with us the goods of 20 cases of Men’s Shirts by International Shipping Line① from New York to Shanghai. • We will cover insurance WPA② and War Risks according to usual practice in the absence of definite instructions from you. The premium is at the rate of③ 1. 5% of the value declared. We enclose here the relevant file of our company for your reference. We are sure that you will find our rate is most favorable. • If our rate is acceptable for you, please let us know it so that our insurance policy can reach your timely. • We look forward to hearing from you promptly. • Yours faithfully,

Language Points 1. International Shipping Line 国际航运公司 2. WPA (With Particular Average, 也写作 W. Language Points 1. International Shipping Line 国际航运公司 2. WPA (With Particular Average, 也写作 W. P. A)是中国人民保险公司制定的保险 条款中的海洋运输货物保险条款所包括的 三个基本险别之一。 3. at the rate of 按……. 比率

Section 3 Reply to an Insurance Application Letter 1 • Dear Sirs, • Thank Section 3 Reply to an Insurance Application Letter 1 • Dear Sirs, • Thank you for your letter of 23 April. • As requested, we enclose herewith①our Insurance Certificate No. 57568, in duplicate, covering the above shipment against All Risks subject to PICC clauses② which was shipped on board the vessel “DONGFENG”sailing on or about 5 May, 2009 from Zhanjiang to Hamburg for a sum of US $ 68800. • Kindly acknowledge receipt thereof. ③ • Yours faithfully,

Language Points 1. . herewith 尤用于商业函件,表示“同此函”等 e. g. Please fill in the form enclosed Language Points 1. . herewith 尤用于商业函件,表示“同此函”等 e. g. Please fill in the form enclosed herewith. 请填写随函附上的表格。 2. covering the above shipment against All Risks subject to PICC clauses…  (该批货物)按中国人民保险公司条款进行投保 cover sth. or sb. against sth. or for sth. 为某物或人保某种险 e. g. We shall cover the goods against All Risks. 我们将把这些货物投保一切险。 3. kindly acknowledge receipt thereof 凭证收到后请确认

Section 3 Reply to an Insurance Application Letter 2 • Dear Sirs, • In Section 3 Reply to an Insurance Application Letter 2 • Dear Sirs, • In reply to your enquiry, we are pleased to give you the following information: • ALL Risks, according to PICC’s Ocean Marine Cargo Clauses①, “covers All Risks of loss or of damage to the insured goods whether partial or total, arising from external clauses in the course of transit”aside from the risks covered under the FPA and WA conditions. But this insurance does not cover: “ 1. Loss or damage caused by the intentional act or fault of the insured. 2. Loss or damage falling under the liability of the consignor. 3. Loss or damage arising from the inferior quality or shortage of the insured goods prior to the attachment of this insurance.

 • 4. Loss or damage arising from normal loss, inherent vice or nature • 4. Loss or damage arising from normal loss, inherent vice or nature of the insured goods, loss of market and/or delay in transit and any expenses arising therefrom. 5. Risks and liabilities covered and excluded by the Ocean Marine (Cargo) War Risks Clauses and Strike, Riot and Civil Commotion Clauses of this company. ” • Although the rate of All Risks is higher than that of other risks, in view of your consignment, All Risks is your best choice. Enclosed is the information about various coverages and their relevant premium rate② for your reference. • We look forward to the pleasure of serving you well. • Yours sincerely,

Language Points 1. PICC’s Ocean Marine Cargo Clauses 中国人民保险公司海洋运输货 物保险条款 2. relevant premium rate Language Points 1. PICC’s Ocean Marine Cargo Clauses 中国人民保险公司海洋运输货 物保险条款 2. relevant premium rate 相关保 险费率

Section 3 Reply to an Insurance Application Letter 3 • Dear Sirs, • With Section 3 Reply to an Insurance Application Letter 3 • Dear Sirs, • With reference to your letter of August 1 inquiring about the insurance on your order, we wish to inform you that for goods sold on CIF basis, our company will cover① against All Risks and War Risks for 110% of the invoice value. If you want to insure broader coverage, the extra premium will be borne by you②. The insurance shall terminate when the goods are delivered to the consignee’s warehouse at the destination named in the policy. • Our underwriter—the People’s Insurance Company of China enjoy high reputation for settling claims promptly and equitable. Should any damage to the goods occur a claim may by lodged with the insurance agent at your end, who will undertake to compensate you for the loss sustained. For further particulars, pleases contact the People’s Insurance Company of China or its agent at your end. • Yours faithfully,

Language Points 1. cover… 110% of the invoice value 按发票金额的110%投保 2. be borne by Language Points 1. cover… 110% of the invoice value 按发票金额的110%投保 2. be borne by sb. 由某人负担 e. g. According to the contract, the insurance premium is borne by you. 根据合同,你方应承担保险费。

Section 4 Request for Excessive Insurance Letter 1 • Dear Sirs, • As regards Section 4 Request for Excessive Insurance Letter 1 • Dear Sirs, • As regards to your fax dated 14 th, Oct. 2008 covering fore commodities for A. R. under Contract 2133③, we hereby want to keep you informed that④ the AJC⑤ of 3 FCL⑥ shipping to Iraq will need to add the War Risk at the proportion of 0. 3% of the total invoice value, and goods packed in plastic bags of 4 FCL to Baltimore will additionally cover the F. P. A. Of course, please note that the remaining goods are still covered against the original insurance terms stipulated in the contract. • Yours faithfully,

Language Points 1. request for 请求,恳求= ask sb. for sth. in speaking or writing Language Points 1. request for 请求,恳求= ask sb. for sth. in speaking or writing make a request for instruction 请示 2. Excessive Insurance = Additional Insurance 附 加险 投保人在投保三种险别中的任何一种以后,还 可另加保附加险。附加险有一般附加险 (General Excessive Insurance)和特殊附加险 (Special Excessive Insurance)。 3. covering commodities for AR under Contract 2133: 2133合同项下所投保商品的一切险

4. keep you informed that... 通知你们... e. g. Keep me informed about what happens. 4. keep you informed that... 通知你们... e. g. Keep me informed about what happens. 有事随时通知我。 5. AJC. apple juice concentrate 浓缩果汁 6. FCL:集装箱整柜(FULL CONTAINER LOAD)

 • • • Section 4 Request for Excessive Insurance Letter 2 Dear Sirs, • • • Section 4 Request for Excessive Insurance Letter 2 Dear Sirs, Thank you for your letter of July 7, 2009 informing us that the lathes we booked with you are now ready for shipment. As contracted, insurance on the goods should be effected for 10% above the invoice value②. But as you know the recent situation in the countries along the way from Beijing to our port is very serious, we wonder if you could insure against War Risk in addition to the previously agreed FPA for 150% of the invoice value. If so, the extra premium will be for our account③. Your early information of the above will be much appreciated. Yours faithfully,

Language Points 1. effect insurance 投保 You must effect payment of Order No. 3476 Language Points 1. effect insurance 投保 You must effect payment of Order No. 3476 plus the interest immediately. 你们应立即支付 3476号订单的款项及相关利息。 2. for 10% above the invoice value 按发票金额的百分之十 3. for one’s account 由某人支付(负担) Any additional cost arising from transshipment shall be for the buyer’s account. 因转船引起的一切附加费应由买方承担。

Section 4 Request for Excessive Insurance Letter 3 • • • Dear sirs, We Section 4 Request for Excessive Insurance Letter 3 • • • Dear sirs, We have received your letter of January 23, asking us to insure the captioned order for an amount of 30% above the invoice value. Although it is our usual practice to insure shipments for the invoice value plus 10%, we are prepared to comply with your request for getting cover for 130% of the invoice value. But the extra premium will be for your account. Please take note of the above. Yours faithfully,

Language Points 1. comply with 照做,遵守 e. g. The Company strives to be a Language Points 1. comply with 照做,遵守 e. g. The Company strives to be a good corporate citizen in every country and community where it conducts business and will comply with all applicable laws and regulations. 对于公司来说,为了在和他们有生 意往来的国家或者社区树立良好的 形象,他们都会遵从所有的相关法 律及规则。

Glossary 1 • 1. insurance proceed 保险金(保险收入) • 2. insurance arrangement 保险安排,保险计 划 • Glossary 1 • 1. insurance proceed 保险金(保险收入) • 2. insurance arrangement 保险安排,保险计 划 • 3. an insurance company 保险公司 • 4. insurance agents 保险代理人 • 5. insurance certificate 保险凭证 • 6. insurance coverage 保险范围 • 7. insurance premium 保(险)费 • 8. insurance applicant 投保人 • 9. premium 保险费 • 10. insurance document 保险单据

 • 目前,海洋运输货物保险的附加险主要有一下几种: • (1) 偷窃、提货不着险:Theft, Pilferage and Nondelivery, 简称TPND • (2) 淡水雨淋险:Fresh Water • 目前,海洋运输货物保险的附加险主要有一下几种: • (1) 偷窃、提货不着险:Theft, Pilferage and Nondelivery, 简称TPND • (2) 淡水雨淋险:Fresh Water Rain Damage, 简称:FWRD • (3) 短量险:Risk of Shortage • (4) 混杂、玷污险:Risk of Intermixture & Contamination • (5) 渗漏险:Risk of Leakage • (6) 破损、破碎险:Risk of Clash & Breakage • (7) 串味险:Risk of Odor • (8) 受热、受潮险:Damage Caused by Heating & Sweating • (9) 钩损险:Hook Damage • (10)包装破裂险:Loss for Damage by Breakage of Packing • (11)锈损险:Risk of Rust

Glossary 2 • • • insurance policy 保险单 insurance certificate 保险凭证 open policy 预约保单 Glossary 2 • • • insurance policy 保险单 insurance certificate 保险凭证 open policy 预约保单 by airmail 通过空运 by check 通过支票(付还) at the most favorable rates 以最优惠的利率 usual practice 惯例 in the absence of 缺少,没有 definite instructions 具体指示 value declared 申报价格

Glossary 3 • • • 1. ship on board 已装船 2. consignee 收货人 3. Glossary 3 • • • 1. ship on board 已装船 2. consignee 收货人 3. underwriter 保险人,承担人 4. settle claims 理赔 5. ocean marine cargo insurance clause 海洋运输货 物保险条款 6. insurance coverage; risks covered 保险范围 7. average 海损 Particular Average(P. A) 单独海损 General Average(G. A) 共同海损 8. Failure to Delivery Risk 交货不到险 9. risk of normal loss 自然损耗险 10. insurance against additional risks 附加险

Glossary 4 • • • 1. be ready for shipment 等待装运 2. in addition Glossary 4 • • • 1. be ready for shipment 等待装运 2. in addition to 附加于 3. be for our account 由我方承担 4. effect 实现,完成,进行 effect payment 付款 effect shipment 装运,装船 5. insurance instruction 投保通知 6. insurance conditions 保险条件 7. insurance expense 保险费 8. premium rate 保险费率 9. insurance broker 保险经纪人 10. insurance compensation ( indemnity ) 保险赔偿金

Useful Expressions • We can serve you with a broad range of coverage against Useful Expressions • We can serve you with a broad range of coverage against all kinds of risks for sea transport, such as Free of Particular Average (F. P. A), With Particular Average (W. P. A), All Risks and Extraneous Risks. • Please note that our insurance coverage is for 110% of the invoice value only.

 • In the insurance business, the term “average” simply means “loss” in most • In the insurance business, the term “average” simply means “loss” in most cases. • W. P. A coverage is too narrow for a shipment of this nature, please extend the coverage to include TPND. • For transaction concluded on CIF basis, we usually cover the insurance against All Risks for 110% of the invoice value. If you wish to cover insurance for 130% instead, the extra premium should be for your account.

 • In the absence of your definite instructions, we usually cover the insurance • In the absence of your definite instructions, we usually cover the insurance against WPA and War Risks. If you want to cover FPA, please let us know in advance. • The cover is to be from warehouse to warehouse and come to effect from May 20 th. • Breakage is a special risk, for which an extra premium will have to be charged.

 • We are willing to take out FPA and WPA covers for the • We are willing to take out FPA and WPA covers for the shipment. Would you please give us the policy rates for FPA coverage and for WPA coverage? • Please quote us your lowest FPA rate for US $10, 000 on TV sets from HONGKONG to SHANGHAI. • Buyer’s request for insurance to be covered up to the inland city can be accepted on condition that such extra premium is for buyer’s account.

Exercises • Choose the best to complete each of the following sentences. 1. We Exercises • Choose the best to complete each of the following sentences. 1. We are sorry we cannot ____ your counter-offer. A. entertain B. agree C. consider D. Think 2. You may ____ us the expenses of clearness. A. spend B. charge C. cost D. ask

3. We should never omit a word ____ the expense of clearness. A. with 3. We should never omit a word ____ the expense of clearness. A. with B. at C. by D. for 4. Insurance is to be _____ by the buyer if a transaction is concluded on FOB or CIF. A. taken B. covered C. done D. made 5. The consignment is covered _______ our open policy NO. 1234. A. at B. by C. on D. for 6. As we can wait no longer for the delivery of your order, we have to _____ it. A. postpone B. refuse C. delay D. cancel

7. All you have to do is to knock 10% _______ the price. A. 7. All you have to do is to knock 10% _______ the price. A. down B. off C. at D. on 8. After a _______, we found the amount deficient. A. check-up B. check-in C. check-out D. check 9. We will draw______ you by our documentary draft at sight on collection basis. A. at B. up C. on D. for 10. Payments should be made ______ sight draft. A. at B. upon C. by D. after

Translate the following letter into Chinese. • Dear Sirs, • We shall have a Translate the following letter into Chinese. • Dear Sirs, • We shall have a consignment of 100 sets of “Apple” computer, valued at US$60, 000 CIF Shanghai, to be shipped from New York by the vessel “FENGQING”, and due to sail on or about August 1 st. • We wish to cover the shipment against All Risks, including Breaking Risks. According to the usual practice we insure our goods for the invoice value plus 20%. • We are looking forward to receiving the insurance policy and one certified copy. • Yours faithfully,