|
- W - |
|
TERM |
DEFINITION |
|
WAG |
Wild Guess |
|
Waiting Time |
The period
of time between the moment at which one is ready for an activity to start
and the moment at which this activity can actually begin. |
|
Waiting Period (Ins) |
A period of
time between the beginning of a disability and the date benefits begin. |
|
Waive (Ins) |
To forego;
to refrain from insisting upon application of an insurance deductible under
specific conditions. |
|
Waiver Clause |
- Clause in
a marine insurance policy stating that no acts of the insurer or insured in
recovering, saving or preserving the property insured, shall be considered a
dismissal from or acceptance of abandonment.
- A
clause which entitles both Underwriter and Assured to take measures to
prevent or reduce loss without prejudice to the rights of either party. |
|
War Risk |
Insurance against loss or damage to property due to the acts of enemies at war. This coverage is freely written on marine risks, but not on property on
land. During World War II, the government assumed, for a premium, war risks on
land and the program was handled by insurers on the government’s behalf and
participated in by them. In Europe, the government paid for such damage. |
|
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but will be collected when they are withdrawn for delivery or consumption.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 Keeper |
Party who
takes responsibility for goods entered into a warehouse. |
|
Warehouse Receipt |
Receipt
for products deposited in a warehouse. |
|
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Allows merchandise that has been withdrawn from a bonded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Allows merchandise that has been withdrawn from a bonded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 to Warehouse |
An export/import policy clause that provides protection from the shipper's
ware-house and during ordinary course of transit to the consignee's warehouse. |
|
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Allows merchandise that has been withdrawn from a bonded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. |
|
Warranty (Ins) |
-
A statement by the Assured, the truth of which determines the validity of the
insurance contract. A warranty may relate to matters existing at or before the
issuance of the policy (affirmative warranty). Or it may be an undertaking by
the Assured that something be done or omitted after the policy takes effect and
during its continuance (promissory warranty). Many states have restricted by
statute the common law rule that "any breach of warranty voids an insurance
policy." For example, under the New York law (15C) a breach of warranty to void
the policy must have "materially increased the risk of loss, damage or injury
within the coverage of the contract."
- A
statement made on an application for insurance, a claim, or other official
correspondence that is warranted to be true
in all respects. If untrue in any respect, even though the untruth may not
have been known to the person giving the warranty, the contract may be
voided whether or not the untruth or inexactness is material to the risk. |
|
Warranted No Risk After Discharge (WNRAD) |
Insurance ceases upon
discharge from Vessel or Aircraft;
NOTE: WNRAD/NRAD can mean insurance ceases once goods are discharged
by the port authorities. Check your wordings to be sure. |
|
Warsaw Convention |
The
Convention for the Unification of Certain Rules Relating to International
Carriage by Air, signed at Warsaw, 12 October 1929, or that Convention as
amended by the Hague Protocol, 1955, stipulating obligations or parties and
limitations and/or exonerations of carriers (aircargo). |
|
Waterborne Agreement (Ins) |
A market
understanding whereby Underwriters cover goods against war risks only whilst
they are on the overseas vessel. This rule is relaxed only in the case of
goods in a transshipping port for a short period awaiting onward carriage. |
|
WAYD |
What Are You Doing? |
|
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.
|
|
WB |
Welcome Back |
|
WBS |
Write Back Soon |
| WCCON |
Whether Customs Cleared Or Not |
|
WDALYIC |
Who Died And Left You In Charge? |
|
Wear & Tear |
Loss or
deterioration resulting from ordinary use. |
|
WEG |
Wicked Evil Grin |
|
Weight Break |
The
shipment volume at which the LTL charges equal the TL charges at the minimum
weight. |
|
Weight Cargo |
A cargo on which the transportation charge is assessed on the
basis of weight. |
|
Weight Charge |
The charge
for carriage of goods based on their weight (aircargo). |
|
Weights and Measures |
| Measurement ton |
40 cubic ft or one cubic meter. |
| Net ton, or short ton |
2,000 lbs. |
| Gross ton/long ton |
2,240 lbs. |
| Metric ton/kilo ton |
2,204.6 lbs. |
| Cubic meter |
35.314 cubic ft. |
|
|
Weight Ton |
A ton of
1000 kilos. |
|
Weight Unit Qualifier |
The unit
of measure that the user wants to see for weight. |
|
Well Car |
Also known as stack car. A drop-frame Rail flat car. |
|
WFM |
Works For Me |
|
Wharf |
A place
for berthing vessels to facilitate loading and discharging of cargo. |
|
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. |
|
Wholesaler |
An
intermediary between manufacturers and retailers in various activities such
as promotion, warehousing, and the arranging of transport and or
distribution. |
|
WIBN |
Wouldn't It Be Nice |
|
WIBNI |
Wouldn't It Be Nice If? |
|
WIBON |
Whether In Berth or Not. |
|
Wide
Body |
An
aircraft with two aisles, such as a Boeing 747 or Airbus A340 |
| WIFPON |
Whether In Free Practique 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. |
| Windward |
Toward the wind or side wind is hitting |
|
WIP |
See "Work In Progress" |
| WIPON |
Whether In Port Or Not |
| With
Average |
An insuring condition on cargo that agrees to pay losses due to certain
named marine periods, provided the loss equals or exceeds a specific
percentage (see franchise). Losses less than this amount are paid only
if the vessel meets with a specified accident. |
|
Without Benefit of
Salvage (Ins) |
A term in a
marine insurance policy, whereby the Underwriters forgo their subrogation
rights. A policy incorporating such a term is deemed to be a gambling policy
in law, and is therefore invalid in a court of law. |
|
Without Prejudice
(WP) (Ins) |
The claim
is paid on this occasion, although the Underwriter feels it does not attach
to the policy, but this action must not be treated as a precedent for future
similar claims. |
|
With Particular Average (WPA) |
See "With Average" |
|
Without Recourse |
Negotiation of a draft,
or other negotiable instrument, or letter of credit documents without the
normal warranty on the part of the seller of the instrument/documents that
the obligor named in the instrument (the "drawee," "payor," or "maker") will
pay. Although the seller is still responsible for the genuineness of the
instrument and documents, the purchaser takes on the credit risk of being
able to collect payment from the obligor when due. Unless negotiation is
without recourse, the purchaser of the instrument/documents has the right to
recover the face amount from the seller if the obligor fails or refuses to
pay for any reason. |
|
WLTOHC |
Water Line-To-Hatch
Coaming |
|
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. |
|
WNKORL |
Warranted No Known or Reported Losses - A statement included in an
application for insurance or reinsurance coverage to be back-dated that the
applicant is not aware of any loss that has occurred between the requested
inception date of the contract and the date of the application. |
| WOG |
Without Guarantee |
|
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. |
|
Work In Progress (WIP) |
Parts and
subassemblies in the process of becoming completed assembly components.
These items, no longer part of the raw materials inventory and not yet part
of the finished goods inventory, may constitute a large inventory by
themselves and create extra expense for the firm. |
|
WNRAD (or NRAD) |
Warranted No Risk After Discharge - Insurance ceases upon discharge from
Vessel or Aircraft;
NOTE: WNRAD/NRAD can mean insurance ceases once goods are discharged
by the port authorities. Check your wordings to be sure. |
| WP |
- Weather Permitting. (re laytime) Time
during which weather prevents work will not count.
- See "Without Prejudice" |
|
WPA |
Abbreviation for "With Particular Average." |
| WPD |
Weather Permitting Day |
| WRIC |
Wire Rods In Coils |
|
WSRCC |
War, strikes, riots and civil commotion |
|
WT |
What The ...? |
|
W.T.L. |
Western Truck Lines. |
|
WU |
What's Up? |
|
WWD |
Weather Working Days. |
| WWR |
When, Where Ready |
|
WYSIWYG |
What You See Is What You Get |
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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. |
|
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5 Steps + 2
Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O -
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These terms, abbreviations
and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied. |
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Last Updated:
Monday, 08 June 2009 13:35:30 -0500 |
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