Complete Glossary of
Marine Terms & Abbreviations
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Waiver Clause
A clause which entitles both underwriter and assured to take measures to prevent or reduce loss, without prejudice to the rights of either party.
Wale
A thick plate, on a ship, designed to withstand heavy impact.
War Risk
Insurance against loss or damage to property as a result of war risks.
Warehouse to Warehouse
An export/import policy clause that provides protection from the shipper’s warehouse and during the ordinary course of transit to the consignee’s warehouse.
Warping
Using ropes or cables to manoeuvre a ship.
Warranty
A warranty in a marine insurance policy is an undertaking by the assured, whereby he promises that a certain thing shall be done or shall not be done, or that some condition will be fulfilled, or whereby he affirms or negatives the existence of a particular state of facts. A warranty may be express or implied, and must be complied with literally.
Failure to comply with the warranty is termed 'breach of warranty', which, if not excused, discharges the underwriter from all liability under the policy as from the date of the breach.
Warsaw Convention
Defines the responsibilities and liabilities of air carriers transporting mer¬chandise in international trade.
Waterborne Agreement
An understanding in the British marine insurance market, agreed in the 1930s, whereby underwriters will cover goods against war risks only while they are on board an overseas vessel.
Limited cover is allowed while goods are in craft en route between ship and shore and, also, during transhipment.
Waybill
A bill of lading issued by a carrier showing the merchandise to be trans¬ported and shipping instructions. It is usually used by airlines and truckers.
Weather Working Day
A day of 24 hours on which work is not prevented by bad weather. Usually used in contractual terms in charterparties.
Weight / Quantity / Quality Certificates
These are separate certificates issued by the seller or an independent third party that certifies the weight / quality / quantity of the shipment. These are usually required when dealing with bulk commodities. e.g. edible oils, such as soya bean oil, from Malaysia. Claims officers should be aware that sometimes the measurement method in the receiving country may inadvertently different to that at the port of export. For example, bulk molasses from Australia (which has to be heated to a high temperature to pump through pipes) can be measured by physical weight, or displacement volume either on board the vessel or in a shore tank. At first sight these documents seem to be of great assistance to a claims officer dealing with a shortage of product, but some considerable research needs to be done to ascertain the exact methodology.
Wharfage / Wharf Handling
These are port charges usually payable both at shipment and the discharge port. Wharfage is a charge levied by the port authority on the shipper basically for using the port facilities. A charge will be levied at each end by the respective ports: a goods outwards wharfage for exports, goods inwards wharfage for imports.
Wharf handling, alternatively known as the port service charge, is charged to the shipper (in the case of goods going out) by the shipping company. Basically it covers the marshalling costs, ie taking cargo from the wharfside to under ship's hook (FAS point) and would include normal storage costs.
Wharfinger
The person in charge of a wharf.
A Wharfinger's Legal Liability policy (also referred to as Landing Owner's Legal Liability) provides cover for legal liability arising for damage or injury caused by any defect or unsafe condition of the owned or operated dock
Wilful Misconduct
Is an intentional act of wrongdoing. The insurer cannot be held liable to pay any claims under the policy which are attributable to the wilful misconduct of the insured. As specified in the Marine Insurance Act, misconduct or negligence on the part of the master or crew does not give the insurer the right to repudiate a claim proximately caused by a peril insured against.
Without Benefit of Salvage
A term in a marine insurance policy whereby the underwriter forgoes his subrogation rights. A marine insurance policy that incorporates such term is deemed by the Marine Insurance Act to be a gambling policy and, as such, is invalid in a court of law.
Without Prejudice
In cases where the insurer is presented with a claim for which there is no strict liability under the policy terms, it may be agreed to pay the claim on a "Without Prejudice" basis. This means the payment is without argument on this particular occasion but it is not to be used as a precedent or basis for demanding settlement of similar future claim.
Wtd.
Warranted
W.B.S.
Without benefit of salvage to the insurer
W.R.O.
War risk only
W/W
Warehouse to warehouse