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20160120215 88冼艳华
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Select the Right Types of Insurance Coverage
20160120215 冼艳华 16英语2班
 
With the advent of economic globalization, the relationship between China and other countries is getting closer and closer. Especially after China’s accession to World Trade Organization, China’s trade export and import volume increased year by year. However, due to the late start of China’s insurance industry, various problems occurred in practice, which posed an effect to the development of Marine transportation cargo insurance industry. Thus, how to select types of insurance coverage accordingly is of great significance. Nature and characteristics of cargo, packing, mode of transport, transport season should be considered.
 
First and foremost, on account of different nature and characteristics, the risks that the cargos suffer in carriage are more various. Accordingly, insurance applicants are supposed to select appropriate types of cargo insurance on the basis of the nature and characteristics of goods. For one thing, you can purchase Free from Particular Average when your cargos are bulk cargo, low value and coarse-packed goods, such as scrap steel, wood and ore. For another thing, With Average is suitable for goods that are not susceptible to damage or rusted without compromising functionality like old cars and steel pipes. Additionally, cargos with higher value and more possible damage factors which apply to All Risks. [1]
 
Some cases in point are that it's inevitably of existential shortage and contamination risk for bulk grain or the container after a long-distance transportation. [2]Therefore, insurance applicants should cover insurance W. A. with general additional risks coverage including shortage coverage and contamination coverage. As for easily rusty metal goods, insurance applicants should choose the rusk coverage after purchasing basic coverage. [3]If goods are sent to Arabs and Middle East and other political unrest regions, basic coverage and some special additional risks like war risks and strike risks coverage or fail to deliver coverage. [4]Furthermore, you do not need to pay All Risks when the large cargos are trivial lest bring about imbalance between spending and revenues. [5]
 
In the light of packing condition, mode of transport and transport season, directly pose a threat to risk resisting capabilities of the cargos in transit. Some simple example can be drawn from the following. [6]The risk of nude cargo is significantly greater than the packing cargo. Carrying balance to the property of his goods and values, the insurance applicant can select applicable insurance and mode of transport. Shipped on deck, goods should be insured the on deck coverage and in deck transportation.
 
Besides, some sea areas are prone to typhoons in summer, resulting in uneven cargo damage. You can purchase W.A. to protect the heavy weather like tsunami or flood. For instance, a foreign trade company exports a lot of goods. Before shipment, it has covered with Free from Particular Average for 110% of the invoice value. During a storm at sea, a part of goods were affected by the water spots whose value is 2,100 dollars. In the end, the insurance company is responsible for the compensation. [7]
 
In conclusion, with the aim of ensuring the safety of cargo transport, we need to select types of insurance coverage carefully. The best insurance is not the insurance with widest scope but the appropriate one can meet much more the demands.
(531 words)
 
Reference:
[1] 李霞. 中国海洋货物运输保险险别选择的法律风险和防范问题研究. 华东政法大学学报,2011:4.
[2] E.R. Hardy: Marine Insurance Act 1906, London Butter Worths, 1983
[3] Report H.R. 5 by an Historic Records Working Party of the Insurance Institute of London, 1963
[4] 栗丽. 国际货物运输与保险. 中国人民大学出版社,2007 :2.
[5] http://www.doc88.com/p-0847338520204.html
[6] Marine Dockray: Cases and Materials on the Carriage of Goods by sea, 1987
[7] 邹辉. 保险纠纷案例. 经济日报出版社, 2001:6
 
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