Unit7 Insurance presentation

INSURANCECONTENTSDefinitionandBackground1.Typesofinsurance2.OceanMarineInsurance3.Insurancechoices4.Definition*Insurance,inlawandeconomics,isakindofriskmanagementapproach,mainlyfortheeconomiclossrisk.Insuranceisdefinedasthepassageofpayafee,willbeanentitythepotentiallossofrisktoacollectionofentitiesmeanshift.*Infact,commongroundistold,whenjoiningagroup,apeopleisdifficult,wesplitthe,isintheformofcurrencyonsocialrisktransfermechanism.BackgroundOceanMarineInsuranceistheoldestformofinsurance,probablydatingtotheMiddleAges.TheorganizationofMarineInsurancetookgreatstepsforwardwiththeformationanddevelopmentofaninsurancemarketonLombardStreetinLondon,Englandandsubsequently--since1769--LloydsofLondon.Today,LloydsstillplaysaprominentroleinMarineInsurance.Typesofinsurance*1Autoinsurance;*2Homeinsurance;*3Healthinsurance;*4Accident,sicknessandunemploymentinsurance;*5Casualtyinsurance;*6Lifeinsurance;*7Propertyinsurance;*8Liabilityinsurance;*9Creditinsurance;*10Cargotransportinsurance;*11Othertypes;OceanMarineInsuranceInChina,ChinaInsuranceClauses(C.I.C.）issuedbythePeople’sInsuranceofChina(PICC)ismainlyadoptedforinternationalcargotransportationinsurance.FreeFromParticularAverage(F.P.A.)*FPAistheinsurancesubjectmatterofinsurancewithinthescopeofriskisadirectresultoftheshiporcargolossordamagesufferedintransitatsea.Therefore,theFPA'soriginalcoverageonlytolosetheentireloss.However,theFPA'sareaof​​responsibilitybeyondthelimitofonlyloseatotalloss.BasicRisksCoverageWithParticularAverage(W.A)*WithAverage(W.A.).AsidefromtheriskscoveredunderF.P.A.conditionasabove,thisinsurancealsocoverspartiallossesoftheinsuredgoodscausedbyheavyweather,lightning,tsunami,earthquakeand/orflood.AllRisks(A.R)*AllRisks.AsidefromtheriskscoveredundertheF.P.A.andW.A.conditionsasabove，thisinsurancealsocoverallrisksoflossofordamagetotheinsuredgoodswhetherpartialortotal，arisingfromexternalcausesinthecauseoftransit.(1)GeneralAdditionalRisk•Generaladditionalriskscoverlossescausedbyextraneousrisksandcanbeclassifiedintofollowingtypes:*1.TheftPilferageandNon-Delivery,T.P.N.D.；*2.RainFreshWaterDamage,F.W.R.D.；*3.RiskofShortage；*4.RiskofIntermixtureandContamination；*5.RiskofLeakage；*6.RiskofClashandBreakage；*7.Riskofodour；*8.DamageCausedbysweatingandHeating；*9.HookDamage；*10.LossandDamageCausedbyBreakageofPacking；*11.RiskofRust.AdditionalRisks(2)SpecialAdditionalRisks•Specialadditionalriskscoverlossescausedbyspecialextraneousrisks.Normallytheyareclassifiedintofollowingtypes:*1.WarRisks;*2.Strikerisks;*3.Aflatoxinrisks;*4.failuretodeliveryrisk;*5.OnDeckRisk;*6.ImportDutyRisk;*7.RejectionRisk;*8.FireRiskExtensionClausforStorageofCargoatDestinationHongKongIncludingKowloonorMacao.Howtochoosetheinsurancefordifferenttypeofgoods?Havealookhowtheyareselected.J:Mr.Tom,nowIwanttoexportanumberofseniorlogstoJapan,Ishouldbuywhatkindofinsurance?T:Forthisclassofgoods,logs,IsuggestyoucastFPAonit.J:WhychooseFPAandagainstallrisks?Allriskscoveragethanlarger?T:Mr.Jack,thechoiceofinsurancecannotonlyseetheinsurance,itisalsotheneedforthenatureofthegoodsandcharacteristicfactorstochoose.J:Canyougivemeanexample?T:Theceramics.Becauseitisfragile,sogenerallyinthebasicinsurancepluscastdamage,breakage.J:Thankyouverymuchforyourexplanation.T:You'rewelcome.Costcalculation:1)Theamountofinsurance=CIFprice*110%2)Insurance=insuranceamount*premiumratesAnalysis:Insurancechoicesofmanyfactors,suchasbasedondifferenttermsoftrade,accordingtothenatureofthegoodsandaccordingtothecharacteristicsoftransportationmodeandroute.Therefore,thechoicetointegratevariousfactors,reasonableselectionofrisks.