| |
|
| W.
& I. |
Weighing and Inspection. |
| W.A. |
With Average. |
| W.G. |
Weight guaranteed. |
| W.P.A. |
With Particular Average. |
| W.R. |
War Risk. |
| W
/ M |
Weight and/or measurement. |
| W
/ R |
Warehouse Receipt. |
| War
Risk |
The possible aggressive actions
against a ship and its cargo by a belligerent government.
This risk can be insured by a marine policy with a
risk clause. |
| 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
exporter 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 United states, 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
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 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.
When it was first introduced, the warehouse-to-warehouse
clause was extremely important, but now its importance
is diminished by the marine extension clauses, which
override its provisions. |
| Weight |
(a) Gross - The weight of the goods
including packing, wrappers, or containers, internal
and external. The total weight as shipped (b) Net -
The weight of the goods themselves without the inclusion
of any wrapper (c) Tare - The weight of the packaging
or container (d) Weight / Measurement Ton - 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. As example, the rate may be quoted on the
basis of 2,240 pounds or 40 cubic feet or of 1 metric
ton or 1 cubic meter (e) 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 weight 2,204.68 pounds. The last is frequently
quoted for cargo being exported from Europe. |
| Weight
Load Factor |
Payload achieved as against available,
expressed as a percentage. Cargo is frequently limited
by volume rather than weight; load factors of 100%
are rarely achieved. |
| Weight,
Legal |
Net weight of goods, plus inside
packing. |
| Wet
Lease |
An arrangement for renting an aircraft
under which the owner provides crews, ground support
equipment, fuel and so on (of dry lease). |
| Wharfage |
A charge assessed by a pier or
dock owner against the cargo or a steamship company
for use of the pier or dock. |
| With
Average |
A marine insurance term meaning
that shipment is protected for partial damage whenever
the damage exceeds a stated percentage. |
| With
Particular Average (W.P.A.) |
An insurance term meaning that
partial loss or damage of goods is insured. Generally
must be caused by sea water. Many have a minimum percentage
of damage before payment. May be extended to cover
loss by theft, pilferage, delivery, leakage, and breakage. |
| 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. |
