Exercise VI. Make up a plan for further retelling

LESSON 10
CORPORATION OF LLOYD'S

Corporation of Lloyd's came into being at the end of the 17^th century and got its name after the owner of the coffeehouse in London where transaction on marine insurance had been made. Regulation of Lloyd's were approved in 1871 by law of Lloyd's ACT.

At the beginning of the 18^th century Lloyd's began to issue ship's list Later on Lloyd's Register of Shipping had been established on its basis. Now it super­vises for the ship building, confers their class and annually issues merchant ship's register of all countries with the indication of the port of registry. It was the Lloyd's that established Salvage Association in 1857 for the protection of wrecked ships and damaged appurtenance. Each insurer while contracting marine insurance confirms by his signature the insurance sum in the limits of which he assumes on himself the responsibility according to the contract and therefore is called me "underwriter".

To ensure solvency of Lloyd's members each insurer transfers payment on Lloyd's account, which is spent, on calculations with the insurance in case of underwriter's insolvency.

Associations of mutual insurance secure shipowner's responsibility on annual or voyage basis. Their financial resources are made up from payments, on account (which is paid on one occasion only or periodically) and also from additional payments obtained on demand. For payment of specially high claims so called catastrophically payments are obtained. Associations of mutual insurance (clubs) have their representatives at the Bermudas Shipping Insurance Associations. The total sum tonnage of insured ships is about 200 million gross register tons.

Exercise I. Find in the text the equivalents of the following words and word combinations:

Сделка/соглашение, страхование судов, наблюдать, присваивать/обсуждать, указание, порт приписки, Ассоциация спасения, принадлежность, страховая компания, платёжеспособность, переводить платеж/взнос.

Exercise П. Construct the sentences with the following words and word combinations:

 

1. transaction

2. marine insurance

3. to supervise

4.to confer

5.indication

6. port of registry

7. Salvage Association

8. appurtenance

9. underwriter

10.solvency

11.to transfer payment

 

-страхование судов;

-наблюдать;

-присваивать/обсуждать;

-указание;

-порт приписки;

-Ассоциация спасения;

-принадлежность;

-страховая компания;

-платежеспособность;

-переводить платеж/взнос

-сделка/соглашение

 

Exercise Ш. Agree or disagree with the following statements. Use to following introductory patterns to express your opinion: Agreement: I have no objections, completely agree with you; yes, you are quite right; Disagreement: Sorry, but I can't agree with you; it seems to me you are not quite right; I'm afraid you are mistake:

1. At the beginning of the 13^lh century Lloyd's began to issue ship's list.

2. It was the Lloyd's that established Army of Salvation.

3. To insure solvency of Lloyd's members each insurer transfers payment on
Lloyd's account.

4. Each insurer while contracting marine insurance confirms by his signature the
insurance sum in the limits of which he assumes on himself the responsibility
assorting to the contract and therefore is called the " undertaker ".-

5. Association of mutual insurance secures ship owner's responsibility on without
time-limit basis.

6. Association of mutual insurance has their representatives at the ports of different
countries.

7. The largest association is Bermudas Shipping Insurance Associations.

8. Regulations of Lloyd's were approved in 1871 by law of Lloyd' Act.

Exercise IV. Translate into English.

1. Корпорация Ллойда названа в честь владельца лондонского кафе, где
совершались сделки, заключались соглашения.

2. Ассоциация спасения была основана для зашиты судов, которые потерпели
кораблекрушение.

3. В начале XVLLI в. Корпорация Ллойда начала издавать корабельный реестр.

4. На его основе был составлен "Регистр Ллойда".

5. Ассоциация взаимного страхования имеет своих представителей в портах
разных стран.

6. Судно обычно застраховано на один год или на один рейс.

Exercise V. Answer the questions:

1. What is Salvage Association?

2. What is the association's main aim?

3. What does Lloyd's Register of Shipping supervises?

4. On what basis associations of mutual insurance secure shipowner's
responsibility?

5. How is solvency insured?

6. What is called catastrophically payment?

7. Where are Associations of mutual insurance situated?

8. Who is called me "underwriter"?