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 The duty is not imposed on the products while in the warehouse but will be collected when they are withdrawn for delivery or consumption.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Allows merchandise that has been withdrawn from a bonded warehouse at one U.S. port to be exported from the same port exported without paying duty.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Allows merchandise that has been withdrawn from a bonded warehouse at one port to be transported in bond to another port, where a superseding entry will be filed.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.

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.