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War Risk Insurance |
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Insurance issued by marine underwriters against war-like operations specifically described in the policy. In former times, war risk insurance was taken out only in times of war, but currently many exporters cover most of their shipments with war risk insurance as a protection against losses from derelict torpedoes and floating mines placed during former wars, and also as a safeguard against unforeseen warlike developments. In the U.S.A. , war risk insurance is written in a separate policy from the ordinary marine insurance; it is desirable to take out both policies with the same underwriter in order to avoid the ill effects of a possible dispute between underwriters as to the cause (marine peril or war peril) of a given loss. |
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Warehousing |
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Those activities of holding and handling goods in a warehouse (store). |
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Warehouse-to-Warehouse |
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A clause in marine insurance policy whereby the underwriter agrees to cover the goods while in transit between the initial point of shipment and the point of destination with certain limitations, and also subject to the law of insurable interest. The warehouse-to-warehouse clause was once extremely important, but marine extension clauses now often override its provisions. |
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Warsaw Convention |
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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 (air cargo). |
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Waybill |
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Non-negotiable document evidencing the contract for the transport of cargo. |
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Weight Charge |
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The charge for carriage of goods based on their weight (air cargo). |
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Weight Load Factor |
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Payload achieved as against available capacity, expressed as a percentage. Cargo is frequently limited by volume rather than weight; load factors of 100 percent are rarely achieved. |
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Wharf |
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A place for berthing vessels to facilitate loading and discharging of cargo. |
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Wharfage |
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The fee charged for the use of a wharf for mooring, loading or discharging a vessel or for storing goods. |
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With Average (WA) |
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A marine insurance term meaning that shipment is protected for partial damage whenever the damage exceeds a stated percentage. |
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With Particular Average (WPA) |
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An insurance term meaning that partial loss or damage of goods is insured. The damage generally must be caused by sea water, and many terms specify a minimum percentage of damage before payment. It may be extended to cover loss by theft, pilferage, leakage and breakage, or other perils depending on the nature of the cargo. |
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