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Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
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TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

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- I -

TERM DEFINITION
I/A Abbreviation for "Independent Action." The right of a conference member to publish a rate of tariff rule that departs from the Agreement's common rate or rule.
IAC In Any Case
IACS See "International Association of Classification Societies"
IAE In Any Event
IANAL I'm Not A Lawyer (but)
IATA See "International Air Transport Association"
IATA Cargo Agent An agent approved by IATA and registered in the IATA Cargo Agency List. This enables the agent, upon authorization of the IATA carrier, to receive shipments, to execute Air Waybills and to collect charges (aircargo).
IATA Member An airline which is a member of IATA (aircargo).
IAW In Any Way
IC I See
ICAO International Civil Aviation Organization.
ICC Abbreviation for (1) "Interstate Commerce Commission,"
(2) "International Chamber of Commerce."
ICC Clauses (Ins) See "Institute Cargo Clauses"
ICD See "Inland Clearance Depot"
Ice Clause An ice clause is a standard clause in the chartering of ocean vessels. It dictates the course a vessel master may take if the ship is prevented from entering the loading or discharge port because of ice, or if the vessel is threatened by ice while in the port. The clause establishes rights and obligations of both vessel owner and charterer if these events occur.
ICHCA International Cargo Handling Coordinating Association
ICS See "International Chamber of Shipping"
ICTF Intermediate Container transfer Facility - ICTF is a site where cargo is transferred from one form of transit to another, such as rail to ship.
ICW Intracoastal Waterway - series of waterways along a coast connected so that vessels may travel without venturing into open sea.
Idle Time The amount of ineffective time whereby the available resources are not used e.g. a container in a yard.
IE Stands for "Immediate Exit." In the U.S., Customs IE Form is used when goods are brought into the U.S. and are to be immediately re-exported without being transported within the U.S.
IFM Inward Foreign Manifest
Igloos Pallets and containers used in air transportation; the igloo shape fits the internal wall contours of a narrow-body airplane.
Ignition Setting on fire or catching fire.
IHA I Hate Acronyms
IHU I Hear You
IIRC If I Remember Correctly
ILO See "International Labour Organization"
IM Immediate Message or Instant Message
IMB International Maritime Bureau
IMC See "Intermodal Marketing Company"
I.M.C.O. International Maritime Consultative Organization. A forum in which most major maritime nations participate and through which recommendations for the carriage of dangerous goods, bulk commodities, and maritime regulations become internationally acceptable.
IMCO In My Considered Opinion
I.M.D.G. Code International Maritime Dangerous Goods Code. The regulations published by the IMO for transporting hazardous materials internationally.
IMHO In My Humble Opinion
IMing Chatting or "Instant Messaging"
Immediate Delivery Entry See Customs Entries.
Immediate Exportation An entry that allows foreign merchandise arriving at one port to be exported from the same port without the payment of duty.
Immediate Transportation Entry See Customs Entries
IMNSHO In My Not So Humble Opinion
IMO See "International Maritime Organization"
IMO In My Opinion
Implied Warranty A warranty is a representation by the policyholder that certain conditions exist or will be met. Even if the warranty is not in writing, it may exist as an "implied" warranty, e.g., that a building is not on fire when insured, or that a vessel is seaworthy.
Import To receive goods from a foreign country.
Import Certificate The import certificate is a means by which the government of the country of ultimate destination exercises legal control over the internal channeling of the commodities covered by the import certificate.
Importer of Record US Customs Service defines the importer of record as the owner or purchaser of the goods; or, when designated by the owner, purchaser, or consignee, a licensed Customs broker.
Import License A document required and issued by some national governments authorizing the importation of goods.
Import Letter of Credit Term used by an importer to describe a commercial letter of credit he has asked a bank to issue or by a bank to describe a letter of credit it has issued. The same L/C will be called an "export letter of credit" by the exporter and all other banks.
IMS I Am Sorry
In &/Or Over Goods carried below and/or on deck.
Incoterms Trade terms in coded form as established by the International Chamber of Commerce in 1953, whereafter they have been regularly updated
In Bond Cargo moving under Customs control where duty has not yet been paid. The transportation of a shipment to an inland point for Customs clearance rather than filing an entry to clear the goods at the port of arrival.
In Gate The transaction or interchange that occurs at the time a container is received by a rail terminal or water port from another carrier.
In Transit In transit, or in passage.
In-Transit Entry (I.T.) Allows foreign merchandise arriving at one port to be transported in bond to another port, where a superseding entry is filed.
Incentive Rate A lower-than-usual tariff rate assessed because a shipper offers a greater volume than specified in the tariff. The incentive rate is assessed for that portion exceeding the normal volume.
Inchmaree Clause (So-called for a famous legal decision involving a vessel of that name.) Covers losses resulting from a latent defect in the vessel's hull or machinery and losses resulting from errors in navigation or management of the vessel by the master or crew.
INCOTERMS The recognized abbreviation for the International Chamber of Commerce Terms of Sale. These terms were last amended, effective July 1, 2000.
IND Indication - In insurance terms an offer of a premium rate that is not binding on either party.
Indemnification Compensation for a loss and/or the expenses incurred.
Indemnify (Ins) To restore the victim of a loss, in whole or in part, by payment, repair or replacement.
Indemnity Bond An agreement to hold a carrier harmless with regard to a liability.
Indemnity Bond (Ins) A bond which indemnifies the obligee against loss which arises as a result of failure on the part of a principal to perform.
Independent Action Setting rate within a conference tariff that is different from the rate(s) for the same items established by other conference members.
Independent Adjuster (Ins) An adjuster who works as an independent contractor, hiring himself out to insurance companies or other organizations for the investigation and settlement of claims.
Independent Guarantee See "Demand Guarantee"
Independent Tariff Any body of rate tariffs that are not part of an agreement or conference system.
Indirect Route Any route other than the direct route (aircargo).
Individual Validated License An IVL is written approval by which the U.S. Department of Commerce grants permission, which is valid for 2 years, for the export of a specified quantity of products or technical data to a single recipient. IVLs also are required, under certain circumstances, as authorization for the reexport of U.S.-origin commodities to new destinations abroad.
Inducement Placing a port on a vessel's itinerary because the volume of cargo offered at  that port justifies the cost of routing the vessel.
Inert Gas System A system of preventing any explosion in the cargo tanks of a tanker by replacing the cargo, as it is pumped out, by an inert gas, often the exhaust of the ship's engine. Gas-freeing must be carried out subsequently if worker have to enter the empty tanks.
Inflammable Liquids Liquids liable to spontaneous combustion which give off inflammable vapors at or below 80 degrees F. For example, ether, ethyl, benzine, gasoline, paints, enamels, carbon disulfide, etc.

infrastructure

System of roads, waterways, airfields, ports and/or telecommunication networks in a certain area.
Inherent Advantage The cost and service benefits of one mode compared with other modes.
Inherent Vice - An insurance term referring to any defect or other characteristic of a product that could result in damage to the product without external cause (for example, instability in a chemical that could cause it to explode spontaneously). Insurance policies may exclude inherent vice losses.
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A defect or cause of loss arising out of the nature of the goods in question.
Inland Bill of Lading A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments. (See also "Bill of Lading"
Inland Carrier A transportation line that hauls export or import traffic between ports and inland points.
Inland Clearance Depot (ICD) Inland location where cargo, particularly containerized, may be cleared by customs
Inland Marine Insurance (Ins) A branch of the insurance business which developed from the insuring of shipments which did not involve ocean voyages. Exposures eligible for this form of protection are described in the nationwide definition of Marine Insurance. Such diverse properties as bridges, tunnels, jewelry, and furs can now be written under Inland Marine forms.
Inland Point Intermodal Inland carriage by another mode of transportation after port discharge, cargo moving to/from an inland point.
INMARSAT International Maritime Satellite System
Inspection Certificate A certificate issued by an independent agent or firm attesting to the quality and/or quantity of the merchandise being shipped. Such a certificate is usually required in a letter of credit for commodity shipments.
Installment Letter of Credit

Letter of credit calling for multiple shipments within specified date ranges.

Installment Shipments Successive shipments are permitted under letters of credit. Usually they must take place within a given period of time.
Institute Cargo Clauses (Ins) Treaty wordings developed by the International Chamber of Commerce. There are three basic sets of these clauses (A, B and C). The A clauses cover "all risks", subject to specified exclusions. The B and C clauses cover specified "risks", subject to specified exclusions. (See actual Institute Cargo Clauses treaty wordings at www.allcovered.net
Institute Replacement Clause (Ins) A clause limiting Underwriters' liability for damage to machinery cargo.
Insulated Container A container insulated on the walls, roof, floor, and doors, to reduce the effect of external temperatures on the cargo.
Insulated Container Tank The frame of a container constructed to hold one or more thermally insulated tanks for liquids.
Insurable Interest (Ins) A direct monetary interest in the insured property sufficient to result in monetary loss should the property be damaged or destroyed.
Insurable Risk (Ins) A risk which meets most of the following requisites: (1) The loss insured against must be defined; (2) It must be accidental; (3) It must be large enough to cause hardship to the insured; (4) It must belong to a homogenous group of risks large enough to make losses predictable; (5) It must not be subject to the same loss at the same time as a large number of other risks; (6) The insurance company must be able to determine a reasonable cost for the insurance; (7) The insurance company must be able to calculate the chance of loss.
Insurance A system of protection against loss under which a number of parties agree to pay certain sums (premiums) for a guarantee that they will be compensated under certain conditions for specified loss and damage.
Insurance Certificate Certificate used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit.
Insurance with Average-clause This type of clause covers merchandise if the damage amounts to three percent or more of the insured value of the package or cargo. If the vessel burns, sinks, collides, or sinks, all losses are fully covered. In marine insurance, the word average describes partial damage or partial loss.
Insurance, All-risk This type of insurance offers the shipper the broadest coverage available, covering against all losses that may occur in transit.
Insurance, General-Average In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo.  Those sharing in the spared cargo proportionately cover the loss.
Insurance, Particular Average A Marine insurance term to refer to partial loss on an individual shipment from one of the perils insured against, regardless of the balance of the cargo. Particular-average insurance can usually be obtained, but the loss must be in excess of a certain percentage of the insured value of the shipment, usually three to five percent, before a claim will be allowed by the company.

Insurance Company

The party covering the risks of the issued goods and/or services that are insured.
Insured (Ins) The person whose risk is transferred and shared; the party to an insurance agreement whom the insurer agrees to indemnify for losses, provide benefits for, or render services to.
Insurer (Ins) The company or group offering protection through the sale of an insurance policy to an insured; the party to an insurance agreement who undertakes to indemnify for losses, provide pecuniary benefits, or render services.
Insured Value Usually computed by adding the invoice cost, guaranteed freight, other costs, and insurance premium plus a percentage, commonly 10%. This usually represents landed value.
Integrated Carrier Carriers that have both air and ground fleets; or other combinations, such as sea, rail, and truck. Since they usually handle thousands of small parcels an hour, they are less expensive and offer more diverse services than regular carriers.
Integrated Tug Barge A large barge of about 600 feet and 22,000 tons cargo capacity, integrated from the rear on to the bow of a tug purposely constructed to push the barge.
Interchange Transfer of a container from one party to another.
Interchange Agreement Contract between carrier and trucker that legally permits interchange of equipment.
Interchange Point A location where one carrier delivers freight to another carrier.
Intercoastal Water service between two coasts; in the U.S., this usually refers to water service between the Atlantic and Pacific or Gulf Coasts.
Intercorporate Hauling A private carrier hauling a subsidiary's goods and charging the subsidiary a fee; this is legal if the subsidiary is wholly owned or if the private carrier has common carrier authority.
Interim Receipt A receipt given by a carrier pending execution of an Air Waybill (aircargo).
Interline Two or more motor carriers working together to haul a shipment to a destination. Carriers may interchange equipment but usually they rehandle the shipment without transferring the equipment.
Interline Agreement The cooperation between two or more airlines for the carriage over particular routes (aircargo).
Interline Carriage The carriage over the routes of two or more parties of an interline agreement (aircargo).
Interline Carrier A carrier with whom another carrier has an interline agreement.
Interline Freight Freight moving from origin to destination over the Freight lines of two or more transportation carriers.
Intermediate Consignee An intermediate consignee is the bank, forwarding agent, or other intermediary (if any) that acts in a foreign country as an agent for the exporter, the purchaser, or the ultimate consignee, for the purpose of effecting delivery of the export to the ultimate consignee.
Intermediate Container Transfer Facility (ICTF) ICTF is a site where cargo is transferred from one form of transit to another, such as rail to ship.
Intermediate Point A point located en route between two other points.
Intermodal Used to denote movements of cargo containers interchangeably between transport modes, i.e., motor, water, and air carriers, and where the equipment is compatible within the multiple systems.
Intermodal Container Transfer Facility A facility where cargo is transferred from one mode of transportation to another, usually from ship or truck to rail.
Intermodal Marketing Company An intermediary that sells intermodal services to shippers.
International Air Transport Association (IATA) An international organization of airlines, founded in 1945, with the aim of promoting the commercial air traffic. This should be achieved by cooperation between parties concerned and by performance of certain rules, procedures and tariffs, regarding both cargo and passengers, by those parties.
International Association of Classification Societies (IACS) An organization in which the major classification societies, among others American Bureau of Shipping, Lloyd's Register of Shipping and Germanischer Lloyd, are joined, whose principal aim is the improvement of standards concerning safety at sea.
International Carriage Carriage whereby the place of departure and any place of landing are situated in more than one country (aircargo).
International Chamber of Commerce (ICC) International standards and practices organization (www.iccwbo.org)
International Import Certificate A document required by the importing country indicating that the importing country recognizes that a controlled shipment is entering their country. The importing country pledges to monitor the shipment and prevent its re-export, except in accordance with its own export control regulations.
International Labour Organization (ILO) An United Nations agency, dealing with employment rights and working conditions, covering work at sea and in ports.
International Load Line Certificate A certificate which gives details of a ship's freeboards and states that the ship has been surveyed and the appropriate load lines marked on her sides. A classification society or the Coast Guard issues this certificate.
International Maritime Bureau A special division of the International Chamber of Commerce.
International Maritime Dangerous Goods Code (IMDG)

A code, representing the classification of dangerous goods as defined by the International Maritime Organization (IMO) in compliance with international legal requirements.

International Maritime Organization The IMO was established as a specialized agency of the United Nations in 1948. The IMO facilitates cooperation on technical matters affecting merchant shipping and traffic, including improved maritime safety and prevention of marine pollution. Headquarters are in London, England.
International Standards Organization (ISO) ISO deals in standards of all sorts, ranging from documentation to equipment packaging and labeling.
International Tonnage Certificate A certificate issued to a shipowner by a government department in the case of a ship whose gross and net tonnages have been determined in accordance with the International Convention of Tonnage Measurement of Ships. The certificate states the gross and net tonnages together with details of the spaces attributed to each.
International Waterways Consist of international straits, inland and interocean canals and rivers where they separate the territories of two or more nations. Provided no treaty is enforced both merchant ships and warships have the right of free and unrestricted navigation through these waterways.
Interstate Commerce The transportation of persons or property between states; in the course of the movement, the shipment crosses a state boundary.
Interstate Commerce Commission (ICC) An independent regulatory agency that implements federal economic regulations controlling railroads, motor carriers, pipelines, domestic water carriers, domestic surface freight forwarders, and brokers.
Intertanko An association of independent tanker owners whose aims are to represent the views of its members internationally
Intrastate Commerce The transportation of persons or property within states; in the course of the movement, the shipment does not cross a state boundary.
Inventory The number of units and/or value of the stock of goods a company holds.
Inventory Cost The cost of holding goods, usually expressed as a percentage of the inventory value; includes the cost of capital, warehousing, taxes, insurance, depreciation, and obsolescence.

inventory In Transit

Inventory in a carrier's possession, being transported to the buyer.
Invoice An itemized list of goods shipped to a buyer, stating quantities, prices, shipping charges, etc.
Inward Foreign Manifest (IFM) A complete listing of all cargo entering the country of discharge. Required at all world ports and is the primary source of cargo control, against which duty is assessed by the receiving country.
IOW In Other Words
IPI Abbreviation for "Inland Point Intermodal." Refers to inland points (non-ports) that can be served by carriers on a through bill of lading.
IRL In Real Life
Irrespective of Percentage Letter of Credit wordings requiring no deductible/excess
Irrevocable Letter of Credit Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.
ISM Code The International Maritime Organization Assembly adopted the International Safety Management Code (ISM Code) in 1993. On July 1, 1998, the ISM Code became mandatory for passenger vessels, passenger high-speed craft, oil tankers, chemical tankers, bulk carriers, and cargo high-speed craft of 500 gross tons or more. On July 1, 2002, the ISM Code became applicable to other cargo ships and to self-propelled mobile offshore drilling units of 500 gross tons or more.
I.S.O. International Standards Organization which deals in standards of all sorts, ranging from documentation to equipment packaging and labeling.
ISPS Code The International Ship and Port Facility Code adopted by an IMO Diplomatic Conference in December 2002. Measure is designed to strengthen maritime security.
Issuing Bank Bank that opens a straight or negotiable letter of credit and assumes the obligation to pay the bank or beneficiary if the documents presented are in accordance with the terms of the letter of credit.
Issuing Carrier The carrier issuing transportation documents or publishing a tariff.
ISWYM I See What You Mean
ITIGBS I Think I am Going To Be Sick
I.T. - Abbreviation for "Immediate Transport." The document (prepared by the carrier) allows shipment to proceed from the port of entry in the U.S. to Customs clearing at the destination. The shipment clears Customs at its final destination.
- "In-Transit" Entry.
ITF International transport Workers Federation
Itinerary Route Scheduled
IU If Used
IUHTAUTC If Used, Half Time Actually Count
IVL See "Individual Validated License"
IWL Institute Warranty Limits
   
 
DISCLAIMER:   These terms and definitions have been gathered from many sources public and private. This list is designed to serve as a reference. No warranty for the accuracy is stated nor implied.

HOME

Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
To jump to a section, click the letter. (Opens in new browser window)
Some letters have several hundred entries and may take some time to download
TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

5 Steps + 2 Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O - Warehouse - Business Insurance --

-- We have Logistics AllCovered --

These terms, abbreviations and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied.

 

Last Updated:
Monday, 08 June 2009 14:26:48 -0400

 

 

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Debbie Miller
Customer Service - Allcovered.net
Ocean Marine Division; Allen Insurance Group
Voice: +1.478.825.5566 Ext. 108
E-Fax: +1.419.715.4723
Email: debbie.miller@allcovered.net

 

 

 

 

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