U NIT ___. INSURANCE DOCUMENTS

READING

Insurance Documents are the ones, issued by the issuer, certifying that the insurer and the insured have signed an insurance contract covering the goods to be transported. If the goods under the contract do incur damages or even losses in transit, the insured can lodge a claim against the insurance documents.

Since insurance documents are the evidence of insurance contract between the insurer and the insured, they are mainly classified as the following four types:

Insurance Policy

This is a written legal contract between the insurer and the insured containing all terms and conditions of the agreement. It shows full details of the risks covered, and is also called formal insurance documents.

Key elements of insurance policy are illustrated as follows:

• Name of the insurer with a signature identified as that of insurance company, or underwriter, or insurance agent.

• Name of the insured, both the seller and the buyer might be the insured if they have insured interest and with good faith.

• The insured goods which include description of subject matter.

• Type of risks covered which should be one of the three basic risks, i.e. F.P.A., W.P.A. and All Risks.

• Insurance provisions.

• Amount and currency insured.

• Place of claim payable.

• Transport model and vessel's name.

• Port of shipment and port of destination. If transshipment is required, the goods should cover transshipment risks such as warehouse to warehouse clause including transshipment risks.

• Time and place of insurance.

Insurance Certificate

An insurance certificate is a document issued to the insured certifying that the insurance has been effected. It contains the same details as an insurance policy except that version of provisions is abbreviated. If a documentary credit requires an insurance policy, issuing bank will refuse an insurance certificate for payment.

Combined Certificate

Combined Certificate is further simplified. The insurer here lists the risks to be covered, the insured amount and the policy number on the invoice provided by the insured, and the other clauses are to be seen on the invoice.

Open Policy or Open Cover

This is a pre-contract concluded between the insurer and the insured by which the insurer offers insurance to the insured for the consignments he dispatches within a certain period of time.

Open Policy is only applicable to the imported goods from foreign countries to China. As soon as the carriage for the consignment under the Open Policy is made, it is under the insurance cover of the Open Policy in accordance with the terms listed on the Open Policy.

Vocabulary notes

an insurer	страховщик; страховое общество; страховая компания
an insured	выгодоприобретатель по полису страхования; держатель страхового полиса
to incur damages	причинять ущерб
to incur losses	потерпеть убытки; терпеть убытки; причинять ущерб; понести ущерб
to lodge a claim against	заявить претензию к; предъявить претензию к
insurance policy	договор страхования; полис страхования; страховое свидетельство
an underwriter	страховщик; страховая компания; гарант; страхователь
an insurance agent	страховой брокер; страховой агент
F.P.A. (free of particular average)	"без частной аварии"; без ответственности за повреждения, кроме случаев крушения (cargo insurance); свободный от частной аварии
W.P.A. (with particular average)	включая частную аварию; с ответственностью за частную аварию
all risks	с ответственностью за все риски; страхование против тех рисков, которые значатся в полисе
a transshipment	перегрузка; перепогрузка; перевалка (с одного судна на другое); перевозка с перевалкой грузов; перегрузка с одного вида транспорта на другой
insurance certificate	подтверждение принятия страхования; страховое свидетельство; свидетельство о страховании; страховой сертификат
open policy	полис с необъявленной страховой суммой; невалютированный полис (полис без указания страховой суммы); полис с необъявленной стоимостью; генеральный полис
open cover	генеральный полис; открытый полис (не оплаченный гербовым сбором, по которому страховщик обязуется впоследствии выдать полис, оплаченный гербовым сбором)
a pre-contract	предшествующий договор; ранее заключённый договор (препятствующий заключению нового договора)

ASSIGNMENTS

I. Match the notions with the corresponding definitions

1. a transshipment	a. the person on whose life the policy is issued
2. insurance certificate	b. a pre-contract concluded between the insurer and the insured by which the insurer offers insurance to the insured for the consignments he dispatches within a certain period of time
3. an insurer	c. A document issued by an insurance company/broker that is used to verify the existence of insurance coverage under specific conditions granted to listed individuals. It lists the effective date of the policy, the type of insurance coverage purchased, and the types and dollar amount of applicable liability.
4. an insured	d. the shipment of goods or containers to an intermediate destination, and then from there to yet another destination
5. open policy	e. a person or company that provides insurance