1、国际商务英语课文电子版 lesson16lesson18Lesson 16 Insurance (II)Transportation insurance, like all forms of insurance, conforms to (follow 遵守) certain basic principles. When firms seek cover（保险）for goods and units of carriage（运载工具）they must follow these principles. There are three main principles of insurance,
2、two subsidiary（次要）principles and a doctrine（原理）. Insurable interest (可保利益) holds（认为）that no one may insure anything unless he has an interest in it（有利益） , which means that if the thing insured is preserved（protected）he will derive a benefit from its preservation (protection), but if it is in any way
3、 damaged or lost the assured will be adversely affected（受到不利的影响）. You can insure your own car, for if it is damaged you will have to pay for it to be repaired and consequently（因此）you will suffer a loss. You cannot insure your neighbors car, for if it is damaged you will not suffer any loss. For this
4、 reason the insuring of anything by people who are not “interested” in it is held (thought 被认为) to be “against public policy”（违反公共政策）. This means that crime would be encouraged.Every contract of insurance requires an insurable interest to support it, or otherwise it is invalid（无效的） and any claim mad
5、e upon it（based on it 依据保险合同）will not be entertained（accept 接受，受理） （by the insurer）. The time of an event may be crucial to the question of insurable interest. The interest passes (转移) with the documents. In cargo insurance we know who has an interest in the cargo at any particular point of time, if
6、 we know the terms of sale (price terms / terms of payment FOB) which have been arranged. We can work out who will suffer loss by discovering at what point the property passes from one person to another. The person who is going to suffer the loss is the one who has the insurable interest at any mome
7、nt. This means that goods may be shipped at the port of origin(货物原产地港口)by a shipper or freight forwarder (consignor) under a policy（保单） taken out to cover them, and the buyer takes over the policy which has been issued when he takes over the ownership of the goods. If they fail to complete the voyag
8、e（旅程） (journey/transportation) undamaged, he (buyer) can claim on the insurance even though it was not in his name. Utmost good faith（最在诚信原则）is a very important principle. The people who decide what premium is fair 公正的 for a particular cover（某一笔保险） do （决定多少保费是公平的）so on the basis of written statement
9、s made in a proposal form 投保单（by the insured）. If this statement is untrue, then the premium agreed on will not be a fair one. Suppose I say that a crate 板条箱 contains copper, when in fact it contains platinum（铂金）. The premium required to cover the cheaper metal will be an unfair premium for the more
10、 valuable cargo. The mis-statement is a fraud（欺骗）, and the policy is voidable（可取消的）（can be avoided/revoked）by the party who is misled (误导) （the insurer）. Even if the mis-statement was unintentional (非故意的), the underwriter would still be deceived and the policy voidable.Indemnity（损失补偿原则）holds that a
11、contract of insurance（is one which）can only restores（恢复） a person who suffered a loss into the same position (as he was in) before the loss occurred. A person with a third-hand Ford car will receive sufficient (enough) compensation to buy another third-hand Ford car, not enough to buy a brand-new (崭
12、新的) Ford car. This principle cannot apply to life（寿险）or personal accident insurance（人身意外保险）for of course a life, or a limb, cannot be restored. In a normal policy of insurance the compensation payable（可支付赔偿）is sufficient only to restore the insured to the position he was in before the loss occurredn
13、ot to a better position. Cargo policies are often issued for an agreed value（商定的价值） and are therefore called “valued” policies（有价保单）. The idea is that the compensation payable will be at an agreed figure（商定的数值）, often at invoiced cost （invoice value）plus freight (主运费) and forwarding charges（转运费）plus
14、 the insurance premium plus an agreed percentage such as 10 percent.（发票金额+主运费+转运运费+ 保费+10%）This （10% ）represents a profit that could have been earned on the capital tied up（被占用） in the transaction. Contribution（损失分摊）is a sub-principle（under indemnity） which is associated with indemnity. It holds tha
15、t a person cannot be allowed to insure twice for the same risk, and claim compensation from both insurers. To do so would amount to (be equal to 相当于) restoring the insured to a better position than he was in when the loss occurred. It would be a breach (violation 违背) of indemnity, and against public
16、 policy. Therefore, if two policies do cover the same event, the insurance companies contribute pro rata（按比例）to （分摊）the loss, and the insured is only restored to the indemnity position（损失发生以前的状态）. This is unlikely to happen very frequently in cargo insurance. Subrogation（代位追偿） , the sub-principle, a
17、lso relating to indemnity, is of enormous importance in cargo insurance. The word “subrogate” means “to take the place of another”. Imagine a situation where A has insured his cargo with B and it is damaged by Cs negligence (carelessness 疏忽大意) . A will naturally claim against B, who will pay up for
18、the loss suffered. However, because C was negligent, a legal action (法律诉讼 ) by A against C would almost certainly lead to an award (a grant made by a law court 判决 ) of damage against C (判决 C 承担损害责任). A would thus be compensated twice, and this would be a breach of the principle of indemnity. To prev
19、ent this happening, B, the insurer, is substituted for (replace 替代) A, the assured, in any legal action against C. The insurer is entitled to (享有权力或利益) the advantage (interest 利益) of every right of the assured, which will diminish (reduce) the loss he (insurer) has been forced to bear.The doctrine o
20、f proximate cause （近因原则）when an insurance policy is made out to cover a certain risk, a claim becomes payable only if that risk occurred as the proximate (closest) cause of the loss suffered. The proximate cause is the direct cause of the loss. Notes: Conform to 遵守 Most people are willing to conform
21、 to the custom of society. 大多数人都愿意遵循社会习俗。 In writing one has to conform to usage as well as to the rules of grammar. 写作时既要遵守语法规则，又要符合习惯用法。Be entitled to 享有的权力 Western countries agree China is still entitled to special treatment. 西方国家同意：中国仍有权享受特殊待遇。 All our guests are entitled to a free breakfast as
22、part of your stay. 我们的客人只要住房，就可以享用免费的早餐 The public is entitled to know how the government is going to curb inflation.Against public policy 违反公序良俗 , 公共政策 If a contract is made against public policy, it is often said to be unconscionable and therefore unenforceable. 如果合同的签订违反了公共政策，它经常被称为不公正的并且因此而不可执行的
23、。The insurance company will not entertain / accept the claim if the risk covered is not the closest cause of the loss.Lesson 17 The International Monetary System and Exchange RateThe earliest international monetary system was known as the gold standard under which countries pledged (promised) to cha
24、nge their paper currencies into gold when requested to do so. The gold standard created a fixed exchange rate system as each country pegged (fix 挂钩) the value of its currency to gold to establish its par value (平价 /票面价值) (face value). For most of the 19th century till the end of the First World War,
25、 major trading countries followed this system and the British Pound was the most important currency in international business as a result of the economic, political and military power of the United Kingdom, hence the term sterling-based gold standard. (pound sterling)The pressure caused by the First
26、 World War on economy coupled with (together with 连同) the impact of the Great Depression (大萧条) put an end to(结束 )the fixed exchange rate system. The Bank of England was no longer able to redeem (赎回，兑换 ) its paper currency for gold at par value (以面值) (无力将其纸币以平价兑换成黄金) and allowed its value to be deter
27、mined by supply and demand (market). With Britain abandoning (放弃)the gold standard, there appeared different areas in the world. Some countries pegged their currencies to the sterling(英镑), some countries to the US dollar and some to the French Franc, forming the “sterling area”, “dollar area” and “f
28、ranc area”. This period witnessed the degeneration(衰落)of the international monetary system as some major countries vied(vie - compete)to (竞相)devaluate their currencies to make their export goods more competitive.(竞争性贬值) (这一时期，世界货币体系不断恶化，各主要贸易国家竞相将其货币贬值以提高他们出口物品的竞争力) The benefits brought about by the
29、ir devaluation were, needless to say (不用说), offset(抵消)by what their competitors did. International trade contracted (shrink 收缩) and economic conflict finally led to the Second World War. Towards the end of the Second World War (1944) representatives of 44 countries gathered at Bretton Woods (布雷顿森林)
30、to renew(更新)the gold standard on a greatly modified basis(在修改较大的基础上). One important fruit of the conference is the creation (establishment 创立) of the International Bank for Reconstruction and Development (IBRD)and the International Monetary Fund. (1944)The Bretton Woods Conference established a US d
31、ollar based gold standard. Because of the dominating (主导性的 ) economic and political influence of the United States, the dollar replaced the sterling(英镑)as the major vehicle(工具)for international settlement(国际结算). 由于美国在国际经济、政治中的统治性影响，美元替代英镑成了国际结算中的主要工具。Though all the Bretton Woods participants(与会国)agr
32、eed to peg their currencies to gold, only the United States pledged to redeem the dollar for gold at the request of the central bank of a foreign country. Under the new fixed exchange rate system, each participant promised to maintain the par value(面值)of its currency(与黄金的兑换价 ), allowing a fluctuatio
33、n of only one percent. The country concerned had to intervene(干预)if the market value (有别于账面价值的)市场价值，销售价格 of its currency goes beyond the range(1%). Under special circumstances, a country was allowed to adjust the par value of its currency(与黄金的兑换价). Thus the Bretton Woods system is said to be using a
34、n adjustable peg (可调整的固定汇率). The new system was also called by some people the “New Gold Standard System.” This relative stability in exchange rates facilitated(promoted 促进 ) international business till the beginning of 1970s.Under the Bretton Woods System, people would hold (持有) dollars so long as(
35、如果)they trusted the convertibility(可兑换性) of the dollar into gold. With the increase of foreign dollar holdings to finance(provide fund for)trade expansion(为贸易增长提供资金), the faith of dollar holders decreased in the ability of the United States to redeem the dollar for gold. (为了给其贸易增长提供资金，外国人持有的美元越来越多。同
36、时，他们对美国政府把美元兑换成黄金的信心却越来越低。)To reduce the demand for the dollar as a reserve currency(储备货币), the special drawing right(特别提款权 )was created (设立). Used to settle official transactions(结算官方交易)at the IMF, SDRs are sometimes called paper gold(纸黄金). Despite the new liquidity(流动性 ) injected by SDRs into the
37、international monetary system, United States was still unable to meet the demands of foreign dollar holders for gold(把美元兑换成黄金的需求). On August 15, 1971 the US Administration announced severing(sever: cut off)link between the dollar and gold, signifying (标志着) the collapse of the Bretton Woods system. (
38、marking the end to BWS) Since then, international business has relied increasingly on the flexible exchange rate system. Most major currencies (hard currencies)began to float (浮动) in the foreign exchange market. Other currencies followed a fixed exchange rate by pegging(钉住)themselves to a major curr
39、ency such as the dollar, or the French Franc and float with it. From 1976 countries ceased to stipulate gold par value (金平价) to their paper currencies，leaving the price of their respective(各自的) currency to be decided by the interaction(相互作用)of supply and demand.Factors influencing the exchange rate
40、include the following:1. International balance of payment (BOP) (国际收支).It has a direct bearing(influence)on the supply and demand of foreign exchange. The value of ones own currency will go up(货币升值)with favorable balance of payment (国际收支顺差) and drop with BOP deficit (国际收支逆差). BOP deficit unfavorable
41、 BOPBOP surplus favorable BOP2. Inflation. It is closely related to the real value of the currency and the competitiveness竞争力 of the commodity. When inflation intensifies(加剧) , the value of the currency will drop(其货币价值相对于外币将会下降)(贬值)relative to foreign currencies and vice versa.3. Interest rate 利率. U
42、nder specific conditions, high interest rate will attract short term international fund, increasing the exchange rate of ones own currency and vice versa. 2007.07 汉译英The above factors may work alone or collectively (together). Sometimes their influences may offset each other. Generally speaking, how
43、ever, international balance of payment is the most important factor in deciding the trend of exchange rate. In addition, foreign exchange policies, political events and speculation activities (投机活动) may also have a role to play in the fluctuations of exchange rate.The flexible exchange rate system h
44、as never been clean float (清洁浮动)or free float(自由浮动). The central banks take various measures to intervene in the price of its currency. So the current practice is often called a managed float 管理浮动 or dirty float(肮脏浮动). The common measures taken for intervention are: 1. foreign exchange reserves: Whe
45、n the price of a foreign exchange goes too high, the central bank may increase its supply by selling it out of its foreign exchange reserves. And in the opposite case, it can buy the currency in the market to increase its reserves.2. the discount rate: When the price of a foreign exchange goes too h
46、igh, the government may raise the discount rate to absorb foreign fund to increase foreign exchange income/earnings of the country and vice versa.3. foreign exchange control: In case of acute 剧烈的 exchange rate fluctuation 波动, a government may have to resort to 诉诸于；使用 foreign exchange control or rais
47、e foreign loans (collect 筹集外来资金) to make up its balance of payment deficit(填补国际收支赤字)and lower the demand for foreign exchange.Foreign exchange income/earningForeign exchange reverse Foreign exchange controlForeign exchange shortageThe two different exchange rate systems each has its own advantages.
48、The fixed exchange rate system reduces the riskiness of international business and is also an important measure to curb (抑制 ) inflation. 2009-04 汉译英 However the system is vulnerable to (容易受到伤害 easy to be affected by) disorderly changes (无序变化) in currency value. The most recent example is the Asian F
49、inancial Crisis of 19971998 when the fixed exchange rate adopted by some Southeast Asian countries like Thailand and Indonesia collapsed and dealt a heavy blow to 重创the economy. Under the flexible exchange rate system fluctuations of the exchange rate within a definite period of time will not immediately affect domestic money circulation 货币流通 and is helpful to the stability of the economy. Flexible exchange rate can also protect domestic currency from the impact of foreign idle fund（闲置资金） （游资、热钱 hot money)and helps to prevent the drain (流失) of foreign exchange rese
