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W.A.:
With Average
Warehouse
Receipt: A receipt
of commodities deposited
in a warehouse, identifying
the commodities deposited.
It is non-negotiable if
permitting delivery only
to a specified person
or firm, but it is negotiable
if made out to the order
of a person or firm or
to a bearer. Endorsement
(without endorsement if
made out to bearer) and
delivery of a negotiable
warehouse receipt serves
to transfer the property
covered by the receipt
serves to transfer the
property covered by the
receipt. Warehouse receipts
are common documents in
international banking.
Warehouse-to-Warehouse:
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.
When it was first introduced,
the warehouse-to-warehouse
clause was extremely important,
but now its importance
is diminished by the marine
extension clauses, which
override its provisions.
War
Risk: The possible
aggressive actions against
a ship and its cargo by
a belligerent government.
This risk can be insured
by a marine policy with
a risk clause.
War
Risk Insurance:
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 exporter
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 United states,
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.
Weight:
- Gross
- The weight of the
goods including packing,
wrappers, or containers,
internal and external.
The total weight as
shipped.
- Net
- The weight of the
goods themselves without
the inclusion of any
wrapper.
- Tare
- The weight of the
packaging or container.
- Weight/Measurement
Ton - In many
cases, a rate is shown
per weight/measurement
ton, carrier's option.
This means that the
rate will be assessed
on either a weight ton
or measurement ton basis,
whichever will yield
the carrier the greater
revenue. As example,
the rate may be quoted
on the basis of 2,240
pounds or 40 cubic feet
or of 1 metric ton or
1 cubic meter.
- Weight
Ton - There
are three types of weight
ton; the short ton,
weighing 2,000 pounds;
the long ton, weighing
2,240 pounds; and the
metric ton weight 2,204.68
pounds. The last is
frequently quoted for
cargo being exported
from Europe.
Weight,
Legal: Net weight
of goods, plus inside
packing.
Weight
Load Factor: Payload
achieved as against available,
expressed as a percentage.
Cargo is frequently limited
by volume rather than
weight; load factors of
100% are rarely achieved.
Wet
Lease: An arrangement
for renting an aircraft
under which the owner
provides crews, ground
support equipment, fuel
and so on (of dry lease).
w.g.:
Weight guaranteed
Wharfage:
A charge assessed by a
pier or dock owner against
the cargo or a steamship
company for use of the
pier or dock.
W.
& I.: Weighing
and Inspection
With
Average: A marine
insurance term meaning
that shipment is protected
for partial damage whenever
the damage exceeds a stated
percentage.
Without
Reserve: A term
indicating shipper's agent
or representative is empowered
to make definitive decisions
and adjustments abroad
without approval of the
group or individual represented.
See advisory capacity.
With
Particular Average (W.P.A.):
An insurance term meaning
that partial loss or damage
of goods is insured. Generally
must be caused by sea
water. Many have a minimum
percentage of damage before
payment. May be extended
to cover loss by theft,
pilferage, delivery, leakage,
and breakage.
W/M:
Weight and/or measurement
W.P.A.:
With Particular Average
W/R:
Warehouse receipt
W.R.:
War Risk
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