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Insurance protects people and companies against accidents,risks or losses.The insurance company (insurer or underwriter) and the company or person that requires an insurance (insured) sign a contract called an insurance policy which is a document specifying the precise terms on which an insurance cover has been provided, including the level of financial compensation (indemnity) that will be paid. The company pays a sum of money called a premium, which can be calculated on the value of the goods or the loss of earnings of the individual.
Some of the major types of insurance and the risks that they cover are the following:
Employers’ liability: it covers accidents or illnesses that happen in the place of the work. Helt: it covers employees’ hospital treatment. Public liability: it covers any accident which might happen to the general public. Buildings and contents:it covers the direct effects of an accident or disaster such as a fire or a flood. Motor vehicle: it covers damage to any of the company’s vehicles. Credit: it covers the risk of customers not paying for the goods. Consequential loss: it covers the indirect effects of an accident which causes the company to stop or reduce trading temporarily. Goods in transit: it covers goods while being transported.
Marine insurance policies can be classified into:
• voyage policy: it covers the cargo for a single specified voyage;
• time policy: it covers a number of shipments for a certain period of time;
• floating policy: It covers several shipments up to a stated sum of money, without specifying the name of the ships or the number of shipments;
• valued: when the value of the consignment insured is agreed in advance and is stated on the policy;
• unvalued: when the value of the consignment is not stated in the policy.
Marine insurance policies can specify caluses of:
• FPA (FREE PARTICULAR AVERAGE): this means that only if there is total loss of the cargo due to damage to the ship, will the compensation be paid;
• WPA (WHIT PARTICULAR AVERAGE): this means that the insurer will pay claims for partial loss or damage to the cargo;
• All risk: it means that the policy covers all risks specified on the policy:
There are risks for which no company will insure shipments:
• Acts of God: Natural disasters such as earthquakes, hurricanes….
• Negligence: when goods are packed or handled baldy;
• Inherent vice: when the goods are lost or damaged because of a fault of their own rather than a fault of the shipper;
• Queen’s enemies: actions by hostile forces such as in the case of war