OCEAN & TRANSPORT TERMS

 

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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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- R -

TERM DEFINITION
R T A Road Travel Accident
Rag Top A slang term for an open-top trailer or container with a tarpaulin cover.
Rail Car A wheeled wagon used for the carriage of cargo by rail.
Rail Consignment Note A document evidencing a contract for the transport of goods by rail.
Rail Division The amount of money an ocean carrier pays to the railroad for overland carriage.
Rail Grounding The time that the container was discharged (grounded) from the train.
Ramp Railroad terminal where containers are received or delivered and trains loaded or discharged. Originally, trailers moved onto the rearmost flatcar via a ramp and driven into position in a technique known as "circus loading." Most modern rail facilities use lifting equipment to position containers onto the flatcars.
Ramp-to-Door A movement where the load initiates at an origin rail ramp and terminates at a consignee's door.
Ramp-to-Ramp A movement of equipment from an origin rail ramp to a destination rail ramp only.
Rate Quantity, amount or degree measured or applied.
Rate Basis A formula of the specific factors or elements that control the making of a rate. A rate can be based on any number of factors (i.e., weight, measure, equipment type, package, box, etc.).
Rate Bureau A carrier group that assembles to establish joint rates, to divide joint revenues and claim liabilities, and to publish tariffs. Rate bureaus have published single line rates, which were prohibited in 1984.
Rates Established charges for the transport of goods.
Rating A class to which an article is assigned.
Rating Bureau (Ins) An organization that classifies and promulgates and in some cases compiles data and measures hazards of individual risks in terms of rates in a given territory.
RCVR Receiver
RDC Running Down Clause - Used in marine insurance to indicate collision with another ship
Real Time The description for an operating system that responds to an external event within a short and predictable time frame. Unlike a batch or time-sharing operating system, a real-time operating system provides services or control to independent ongoing physical processes
Rebate That part of a transport charge which the carrier agrees to return.
Reasonable & Customary Phrase often relating to rates, charges, or policies that, over time, have become accepted as a normal course or process of business.
Reasonable Rate A rate that is high enough to cover the carrier's cost but not high enough to enable the carrier to realize monopolistic profits.
Reasonableness Under ICC and common law, the requirement that a rate not be higher than is necessary to reimburse the carrier for the actual cost of transporting the traffic and allow a fair profit.
Rebate An illegal form of discounting or refunding that has the net effect of lowering the tariff price. See also Malpractice.
Rebate (Ins) A reduction of a premium.
Recap Recapitulation or restating
Receipt A written acknowledgement, that something has been received
Receipt Location A location that will receive goods.
Receipt Point The place where cargo enters the care and custody of the carrier.
Receiver An enterprise that receives goods/services.
Receiving Carrier The carrier receiving a consignment on behalf of a carrier, agent or shipper for onward transport (aircargo).
Receiving Stock The stock comprising all the goods that have arrived at the door of the receiving organization and which is not yet available in the stock of that organization.
Reciprocity The practice by which governments extend similar concessions to each other.
Reconditioning All activities connected with restoring and or adjusting the packaging of a product. In such manner that it can be presented to the customer in the requested form.
Reconditioning of Garments The act or process of bringing garments after transport in shop's condition.
Reconsignment Changing the consignee or destination on a bill of lading while shipment is still in transit. Diversion has substantially the same meaning.
Recourse A right claim against the guarantors of a loan or draft or bill of exchange.
Recovery (Ins) Amount recovered from a third party responsible for a loss on which a claim has been paid.
Redelivery Return of a shipment to the party who originally delivered it to the carrier (aircargo).
Red Label A label required on shipments of flammable articles.
Reefer - Refrigerated container
- Thermal container with refrigeration for control of internal temperature
Reefer Cargo Cargo requiring temperature control
Reefer Container A thermal container with refrigerating appliances (mechanical compressor unit, absorption unit etc.) to control the temperature of cargo.
Re-Export For export control purposes: the shipment of U.S. origin products from one foreign destination to another.
Reforwarding Charges paid or to be paid for subsequent surface or air transport from the airport of destination by a forwarder, but not by a carrier under the Air Waybill (aircargo).
Reforwarding Charge Charges paid or to be paid for subsequent surface or air transport from the airport of destination by a forwarder, but not by a carrier under the Air Waybill (aircargo).
Refrigerated Warehouse A warehouse that is used to store perishable items requiring controlled temperatures.
Refund The repayment to the purchaser of the total charge or a portion of that charge for unused carriage
Registered Tonnage A commercial ship is measured by its cargo capacity in "tons," with each ton occupying 100 cubic feet. The cubic capacity of all enclosed spaces is thus measured and the shipís "tonnage" determined.
Regroupage The process of splitting up shipments into various consignments (degroupage) and combining these small consignments into other shipments (groupage).
Reimbursement (Ins) Payment of an amount of money related to the amount of loss to or on behalf of the insured upon the occurrence of a defined loss.
Reimbursing Bank In a letter of credit transaction, the bank with which the issuing bank maintains an account and which is authorized by the issuing bank to charge that account to pay claims received from the negotiating bank for documents that have been presented.
Reinstatement (Ins) - Putting a lapsed policy back in force;
- The payment of a claim under some forms of insurance reduces the principal amount of the policy by the amount of the claim. Provision is usually made for a method of reinstating the policy to its original amount.
Reinsurance (Ins) - A contract of indemnity against liability by which the insurance company procures another insurance to insure against loss or liability by reason of the original insurance;
- Insurance by one insurance company of all or part of a risk accepted by it with another insurance company which agrees to reimburse the insurance company for the portion of the claim insured.
Re-Invoicing The procedure whereby goods shipped directly from a supplier to the customer are invoiced in two stages: at first by the supplier to an intermediary and subsequently by the intermediary to the customer.
Rejection Non-acceptance of e.g. cargo
Related Points A group of points to which rates are made the same as or in relation to rates to other points in group.
RFP See "Request For Proposal"
RFQ See "Request for quotation"
Relay - To transfer containers from one ship to another when both vessels are controlled by the same network (carrier) manager.
-
Common practice in the less-than-truckload industry, in which one driver takes a truck for 8 to 10 hours, then turns the truck over to another driver, pony express style
Relay Terminal A motor carrier terminal that facilitates the substitution of one driver for another who has driven the maximum hours permitted.
Release Approval A document to advise that goods are available for further movement or action.
Released-Value Rates Rates based upon the shipment's value. The maximum carrier liability for damage is less than the full value, and in return the carrier offers a lower rate.
Reliability A carrier selection criterion that considers the carrier transit time variation; the consistency of the transit time the carrier provides.
Remittance Funds sent by one person to another as payment.
Remitting Bank In a draft collection transaction, the first bank in the chain of collection, i.e., the principalís or sellerís bank.
Removal (Ins) "Removal" was a provision of the New York Standard Fire Policy in which the insurer agreed to cover the cost of removing covered property from the path of a fire. Presently, property policies express the agreement in terms of "preservation of property" from imminent danger of damage from any covered peril. Not to be confused with Debris removal.
Renewal (Ins) The extension of the term of coverage of an expired policy, commonly by replacement with another policy effective on the date of expiration of the previous policy.
Renewal Certificate (Ins) A short form certificate which is used to renew a policy. It refers to the original policy, keeping all of its provisions, but does not restate all of its insuring agreements, exclusions, and conditions.
Reorder Point A predetermined inventory level that triggers the need to place an order. This minimum level provides inventory to meet the demand a firm anticipates during the time it takes to receive the order.
Replacement Indicating that a subject is interchangeable with another subject, but which differs physically from the original subject in that the installation of the replacement subject requires extra machining or provisions in addition to the normal application and methods of attachment
Replacement Clause (Ins) A clause limiting Underwriters' liability for damage to machinery cargo.
Replacement Cost (Ins) The cash value representing what it would cost to replace the specific property without deduction for depreciation.
Replacement Cost Insurance (Ins) Covers property ó both building and contents ó on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurance clause.
Replenishment Completion of stock
Reporting Form (Ins) Fire or other direct damage insurance written under a form of policy that covers fluctuating values of stocks of merchandise, furniture and fixtures and improvements by means of periodic reports submitted to the insurance company by the insured, with an annual adjustment of premium on the average value.
Reparation A situation in which the ICC requires a railroad to repay users the difference between the rate the railroad charges and the maximum rate the ICC permits when the ICC finds a rate to be unreasonable or too high.
Request for Proposals (RFP) Invitation to suppliers to bid on supplying products or services that are difficult to describe for a company or public agency.
Request For Quotation (RFQ) Invitation to suppliers to bid on supplying easily described products or services needed by a company or public agency
Rerouting The route to be followed as altered from the one originally specified in the Air Waybill (aircargo).
Reservation Allotment in advance of space or weight capacity. Also referred to as 'booking'
Rescission (Ins)  (1) Repudiation of a contract. A party whose consent to a contract was induced by fraud, misrepresentation or duress may repudiate it. A contract may also be repudiated for failure to perform a duty. (2) The termination of an insurance contract by the insurer when material misrepresentation has occurred.
Responsible Carrier - The carrier liable under the terms of a consortium Bill of Lading.
- Carrier responsible for the transport of goods as indicated in the transport document (aircargo).
Restricted Articles Articles handled only under certain conditions.
Retention of Title Legal arrangement under which a seller of goods delivers these goods "on consignment" into someoneís custody but ownership remains with the seller until he is paid. Retention of title allows the seller to repossess the goods whenever desired and to establish a claim against the custodian if the goods are sold or used without being paid for.
Retroactive Date (Ins) Date on a "claims made" liability policy which triggers the beginning of insurance coverage. A retroactive date is not required. If one is shown on a policy, any claim made during the policy period will not be covered if the loss occurred before the retroactive date.
Return Cargo A cargo which enables a ship to return loaded to the port or area where her previous cargo was loaded
Revenue Amounts of income stemming from the provision of transport services
Revenue Freight Tonne Kilometer (RFTK) Air cargo measure of total freight moved by metric ton (tonne).
Revenue Ton (RT) A ton on which the shipment is freighted. If cargo is rated as weight or measure (W/M), whichever produces the highest revenue will be considered the revenue ton.  Weights are based on metric tons and measures are based on cubic meters.  RT=1 MT or 1 CBM.
Reverse IPI An inland point provided by an all-water carrier's through bill of lading in the U.S. by first discharging the container in an East Coast port.
Reverse Auction Buyers post their need for a product or service, then suppliers bid to fulfill that need. Unlike an auction, prices only move down. Since buyer power is key to reverse auctions, they work either for large enterprises or when practiced by intermediaries, which aggregate demand of many small buyers. Reverse auctions also are becoming common features of many Net markets.
Reverse Distribution The collection of used, damaged, or outdated products and/or packaging from end-users.
Reverse Logistics The process of collecting, moving, and storing used, damaged, or outdated products and/or packaging from end users.
Reversible (Detention). If loading completed sooner than expected at load port, then days saved can be added to discharge operations.
Revocable Letter of Credit (LOC) A letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank. See Also "Letter of Credit"
Revolving Letter of Credit Letter of credit that reverts to its original amount at specified intervals, e.g., monthly, thereby preventing drawing too much in any one period.
RFTK See "Revenue Freight Tonne Kilometer"
Rider (Ins) An endorsement to an insurance policy that modifies clauses and provisions of the policy, adding or excluding coverage(s).
Rinacertificate (It) Certificate issued by the Italian Government for carrying dangerous goods in Italian Waters.
Risk (Ins) A fortuity. A term used to designate an insured of a peril insured against. It does not embrace inevitable loss. The term is used to define causes of loss covered by a policy.
RL Real Life
Road Carrier Party undertaking transport by road of goods from one point to another such as indicated in the contract.
Road Railer Semitrailer specially designed to travel both on highway and on rails. Manufactured by Wabash Corp.
Road Travel Accident (RTA) Damage to cargo caused by an accident while on a highway or motorway.
Road Vehicle A means of transport capable and allowed to move over public roads and other landways.
ROB Remaining On Board
ROND (INS) See "Rust Oxidation and Discoloration"
ROD (INS) See "Rust Oxidation and Discoloration"
RODSBCD (INS) Typically an Exclusion in cargo insurance terms and conditions, meaning: "Rust, Oxidisation, Discoloration, Wetting, Staining, Scratching, Bruising, Chipping, Denting, Marring and the Cost of Repainting as applicable."
"Ro/Ro" A shortening of the term, "Roll On/Roll Off." A method of ocean cargo service using a vessel with ramps which allows wheeled vehicles to be loaded and discharged without cranes.
Roll To re-book cargo to a later vessel.
Rolling The side-to-side (athwartship) motion of a vessel.
Rolling Cargo Cargo which is on wheels, such as truck or trailers, and which can be driven or towed on to a ship.
Rolling Resistance The total frictional force that a tire, a set of tires or all the tires on a vehicle is developing with the road.
Roll On - Roll Off (RORO) System of loading and discharging a vessel whereby the cargo is driven on and off by means of a ramp.
Roll Trailer Special trailer for terminal haulage and stowage on board of Roll-on Roll-off vessels. Also referred to as Mafi Trailer.
Rotation Sequence in which a vessel calls at the ports on her itinerary.
ROTFL Rolling On The Floor Laughing
ROTFLMAO Rolling On The Floor Laughing My A** Off
ROTFLMBO Rolling On The Floor Laughing My Butt Off
Round Trip A voyage, a journey etc. to a certain place, port or country and back again.
Route The manner in which a shipment moves; i.e., the carriers handling it and the points at which the carriers interchange.
Routing - The determination of the most efficient route(s) that people, goods, materials and or means of transport have to follow.
- The process of determining how a shipment will be moved between consignor and consignee or between place of acceptance by the carrier and place of delivery to the consignee.
- The process of aiding a vessel's navigation by supplying long range weather forecasts and indicating the most economic and save sailing route.
Row A vertical division of a vessel from starboard to portside, used as a part of the indication of a stowage place for containers. The numbers run from midships to both sides.
RSN Real Soon Now
RT Revenue Ton
RT Real Time
RTA Road Travel Accident - abbreviation used to denote damage to cargo caused while traveling on highway or motorway.
RTFM Read The Manual
RTM Read The Manual
Running Down Clause (RDC) Used in marine insurance to indicate collision with another ship
Running Gear Complementary equipment for terminal and over-the-road handling containers.
Rust Oxidation and Discoloration Damage to metal caused by exposure to ocean air. An Insurance exclusion applied to steel and other metal shipments
- See also: RODSBCD"
RVNX Abbreviation for "Released Value Not Exceeding." Usually used to limit the value of goods transported. The limitation refers to carrier liability when paying a claim for lost or damaged goods.
RYO Roll Your Own (you'll have to create it yourself)
   
 
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 14:33:22 -0400

 

 

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Ocean Marine Division; Allen Insurance Group
Voice: +1.478.825.5566 Ext. 108
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Email: debbie.miller@allcovered.net

 

 

 

 

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