Export Glossary-WXYZ

Wagering Policy

A policy in respect of which the assured has no insurable interest.

War Risks

Those risks related to two (or more) belligerents engaging in hostilities, whether or not there has been a formal declaration of war. Such risks are excluded by the F.C.&S. (Free of Capture and Seizure) Warranty, but may be covered by a separate War Risk Policy, at an additional premium.

Warehouse

Any building or structure used for the storage of goods.

Warehouse Receipt

A receipt issued by a warehouse listing goods received for storage. A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.

Warehouse-To-Warehouse Clause

The clause in the Cargo Policy that defines when coverage commences and terminates. It is the intent of the policy to attach at the time the goods leave the warehouse of origin named in the Policy, and to continue while the goods are in due course of transit until delivered to the warehouse of destination named in the Policy, where it terminates.

Warehouseman

The person responsible for the care of goods while they are in store.

Warehousing Entry

A document required by Customs authorities when goods arc placed in a bonded warehouse.

Warehouse Withdrawal

A Customs Entry permitting goods to leave a bonded warehouse.

Warping

Using ropes or cables to maneuver a ship.

Warranty

An undertaking by one party to a contract agreeing to abide by certain conditions required by the other party in relation to performance of the contract (eg. warranty of seaworthiness whereby the shipowner agrees to provide a seaworthy vessel to carry the goods specified in a contract of affreightment).

Weighted Average

An average that reflects the underlying quantities of its components. For example, whereas the average per capita GDP of European countries would treat Greece and Germany equally, the weighted-average per capita GDP would reflect Germany's greater population.

Waterborne Agreement

An understanding in the marine insurance market 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 the ship and shore and also during transhipment.

Weather Working Day

A day of 24 hours on which work is not prevented by bad weather.

Well

An open space between superstructures or deckhouses on a ship.

Wharfage

The charges made for the use of a wharf, usually levied on the cargo owner.

Wharfinger

The person in charge of a wharf.

With Average

A marine insurance term meaning that a shipment is protected from partial damage whenever the damage exceeds 3 percent (or some other percentage). If the ship is involved in a major catastrophe, such as a collision, fire or stranding, the minimum percentage requirement is waived and the insurance company pays for all of the damage.

Without Benefit of Salvage

A term in a marine insurance policy whereby the underwriter forgoes his subrogation rights.

Without Reserve

A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented. Compare Advisory Capacity.

World Trade Organization (WTO)

Created by the Uruguay Round and successor to the GATT, this new organization began operations on January 1, 1995. It has expanded authority to oversee international trade.

Working Day

A day in which work is normally done at a particular port, excluding Sundays or official holidays.

Wreck

Whatever may remain of property that has been severely damaged in a maritime adventure. An underwriter who has paid a total loss on the property is entitled to take over the wreck, dispose of it as he thinks fit and retain the whole of the proceeds, if any, even if these exceed the claim paid.

WTO

See World Trade Organization

York-Antwerp Rules

A set of internationally accepted rules for application to general average circumstances. Most contracts of affreightment provide for general average to be adjusted in accordance with these rules. In the absence of such agreement adjustment is made in accordance with the law of the place where the adventure is terminated.