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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

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

-- We have Logistics AllCovered --

 

- 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.
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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 The duty is not imposed on the products while in the warehouse but will be collected when they are withdrawn for delivery or consumption.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Warehouse Withdrawal for Transportation Immediate Exportation (WDEX) Allows merchandise that has been withdrawn from a bonded warehouse at one U.S. port to be exported from the same port exported without paying duty.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."
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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
   
 
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 14:35:30 -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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