W |
War Risk
|
Insurance coverage for
loss of goods resulting from any act
of war. |
War Risk Insurance
|
Insurance issued by
marine underwriters against war-like
operations specifically described in
the policy. In former times, war
risk insurance was taken out only in
times of war, but currently many
exporters cover most of their
shipments with war risk insurance as
a protection against losses from
derelict torpedoes and floating
mines placed during former wars, and
also as a safeguard against
unforeseen warlike developments. In
the U.S.A., war risk insurance is
written in a separate policy from
the ordinary marine insurance; it is
desirable to take out both policies
with the same underwriter in order
to avoid the ill effects of a
possible dispute between
underwriters as to the cause (marine
peril or war peril) of a given loss.
|
Warehouse
|
A place for the
reception, delivery, consolidation,
distribution, and storage of
goods/cargo. |
Warehouse Entry
|
Document that
identifies goods imported when
placed in a bonded warehouse. The
duty is not imposed on the products
while in the warehouse but will be
collected when they are withdrawn
for delivery or consumption. |
Warehouse Receipt
|
A receipt of
commodities deposited in a warehouse
identifying the commodities
deposited. It is non-negotiable if
permitting delivery only to a
specified person or firm, but it is
negotiable if made out to the order
of a person or firm or to a bearer.
Endorsement (without endorsement if
made out to bearer) and delivery of
a negotiable warehouse receipt
serves to transfer the property
covered by the receipt. Warehouse
receipts are common documents in
international banking. |
Warehouse-to-Warehouse |
A clause in marine
insurance policy whereby the
underwriter agrees to cover the
goods while in transit between the
initial point of shipment and the
point of destination with certain
limitations, and also subject to the
law of insurable interest. The
warehouse-to-warehouse clause was
once extremely important, but marine
extension clauses now often override
its provisions. |
Warehouse Withdrawal
for Transportation Immediate
Exportation (WDEX) |
Allows merchandise
that has been withdrawn from a
bonded warehouse at one U.S. port to
be exported from the same port
exported without paying duty. |
Warehouse Withdrawal
for Transportation (WDT) |
Allows merchandise
that has been withdrawn from a
bonded warehouse at one port to be
transported in bond to another port,
where a superseding entry will be
filed. |
Warehouse Withdrawal
for Transportation Exportation (WDT&E) |
Allows merchandise
that has been withdrawn from a
bonded warehouse at one port to be
transported in bond through the U.S.
to be exported from another port,
without paying duty. |
Warehousing
|
The storing of
goods/cargo. |
Warranties |
(1) Expressed Warranty
An agreement written in a marine
underwriter's insurance policy which
must be strictly and literally
complied with. A violation voids the
insurance, e.g., trading warranties.
(2) Implied Warranty:
Fundamental conditions implied in a
contract of marine insurance are
seaworthiness of the vessel and the
legality of the venture.
|
Watch |
The day at sea is
divided into six four-hour periods.
Three groups of watchstanders are on
duty for four hours and then off for
eight, then back to duty. Seamen
often work overtime during their off
time. |
Waybill (WB)
|
A document prepared by
a transportation line at the point
of a shipment; shows the point of
the origin, destination, route,
consignor, consignee, description of
shipment and amount charged for the
transportation service. It is
forwarded with the shipment or sent
by mail to the agent at the transfer
point or waybill destination.
Abbreviation is WB.
Unlike a bill of lading, a waybill
is NOT a document of title. |
WCCON |
Whether Cleared
Customs or Not |
Weight Cargo
|
A cargo on which the
transportation charge is assessed on
the basis of weight. |
Weight Load Factor |
Payload achieved as
against available, expressed as a
percentage. Volume rather than
weight frequently limit cargo; load
factors of 100 percent are rarely
achieved. |
Weight, Legal |
Net weight of goods
plus the inside packing. |
Weights and Measures
|
In many cases, a rate
is shown per weight/measurement ton,
carrier's option. This means that
the rate will be assessed on either
a weight ton or measurement ton
basis, whichever will yield the
carrier the greater revenue. For
example, the rate may be quoted
based on 2,240 pounds, 40 cubic
feet, one metric ton, or one cubic
meter. (5) Weight Ton- There are
three types of weight ton: the short
ton, weighing 2,000 pounds; the long
ton, weighing 2,240 pounds; and the
metric ton weighing 2,204.68 pounds.
The last is frequently quoted for
cargo being exported from Europe. |
Measurement ton
Net ton, or short ton
Gross ton/ long ton
Metric ton/ kilo ton
Cubic Meter |
40 cubic ft. or one
cubic meter
2,000 lbs.
2,204.6 lbs.
2,204.6 lbs.
35.314 cubic ft. |
Well Car
|
Also known as stack
car. A drop-frame Rail flat car.
|
Wharfage (Whfge.)
|
Charge assessed by a
pier or dock owner against freight
handled over the pier or dock or
against a steamship company using
the pier or dock. |
WIBON |
Whether In Berth or
Not. |
WIFPON |
Whether in Free
Pratique or Not |
Windy Booking |
A freight booking made
by a skipper or freight forwarder to
serve space but not actually having
a specific cargo at the time the
booking is made. Carriers often
overbook a vessel by 10 to 20
percent in recognition that "windy
booking" cargo will not actually
ship. |
WIPPON |
Whether in Port or Not |
With Average (WA)
|
A marine insurance
term meaning that shipment is
protected for partial damage
whenever the damage exceeds a stated
percentage. |
With Particular
Average (WPA) |
An insurance term
meaning that partial loss or damage
of goods is insured. The damage
generally must be caused by sea
water, and many terms specify a
minimum percentage of damage before
payment. It may be extended to cover
loss by theft, pilferage, delivery,
leakage, and breakage. |
Without Recourse
|
A phrase preceding the
signature of a drawer or endorser of
a negotiable instrument; signifies
that the instrument is passed onto
subsequent holders without any
liability to the endorser in the
event of nonpayment or nondelivery. |
Without Reserve
|
A term indicating
shipper's agent or representative is
empowered to make definitive
decisions and adjustments abroad
without approval of the group or
individual represented. (See
Advisory Capacity) |
W.M. (W/M)
|
Abbreviation for
"Weight or Measurement;" the basis
for assessing freight charges. Also
known as "worm." The rate charged
under W/M will be whichever produces
the highest revenue between the
weight of the shipment and the
measure of the shipment. |
Worldscale |
An index representing
the cost of time chartering a tanker
for a specific voyage at a given
time. The index is given at
Worldscale 100, which represents the
price in dollars per ton for
carrying the oil at that rate. The
negotiated rate will be some
percentage of the index value. |
WPA |
Abbreviation for "With
Particular Average." |
W.T.L.
|
Western Truck Lines. |
WWD |
Weather Working Days. |