Insurance Slang refers to the informal but commonly accepted expressions used in the foreign trade industry for insurance clauses, types of coverage, claims rules, etc. It is often seen in communication between salespeople, emails, and documents. It is not a standard term, but it can improve communication efficiency. For example, 'All Risks' refers to All Risks, 'W.P.A.' refers to With Particular Average, 'F.P.A.' refers to Free from Particular Average, 'W/W Clause' refers to Warehouse to Warehouse Clause, and 'Franchise' refers to deductible rate. It is mostly used in quotation, negotiation, insurance application, and claim processes. Note: Slang may vary by region or company and can cause ambiguity, so standard English terms should be used in formal contracts, letters of credit, and insurance policies to avoid disputes. The difference from standard terms is that slang is more colloquial and abbreviated, but has weaker legal effect and cannot replace formal clauses. Foreign trade practitioners need to understand common slang, but external documents must be standardized.
📝 Examples
1. This batch of goods is shipped by sea. The customer requires All Risks plus War Risk coverage. Please quote a CIF price accordingly. (Note: The salesperson uses the slang 'All Risks' and 'War Risk' to quickly communicate the insurance coverage.)
2. The insurance company says this loss falls under the exclusions of F.P.A., so we cannot compensate under W.P.A. (Note: Using the slang 'F.P.A.' and 'W.P.A.' to distinguish coverage types and claim scope.)
💡 Foreign Trade Tips
Foreign trade terms are the foundation of international business communication
Trade practices may vary slightly by country; pay attention when using them
When using terms in contracts, specify the applicable version (e.g., Incoterms 2020)
For unfamiliar terms, use GlobalSync's multilingual email helper to confirm with your partner