Terms Beginning with W

W.A.: With Average

WAREHOUSE RECEIPT: A receipt of commodities deposited in a warehouse, identifying the commodities and the condition of the goods received.

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 belligerent government. This risk can be insured by a marine policy with a risk clause.

WAR RISK INSURANCE: Separate insurance coverage for loss of goods, which results from any act of war. This insurance is necessary during peacetime due to objects such as floating mines left over from the period of unrest.

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 packing 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 a measurement ton basis, whichever will yield the carrier the greater revenue. For example, the rate may be quoted on the basis of 2,240 pounds or 40 cubic feet or of 1000 kilos 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 weighing 2,204.68 pounds. The majority of international shipments use the metric system.

WEIGHT, LEGAL: Net weight of goods, plus inside packing.

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 aboard 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 to goods is insured. Generally must be caused by seawater. May have a minimum percentage of damage before payment. May be extended to cover loss by theft, pilferage, non-delivery, leakage and breakage.

W/M: Weight and/or measurement

W.P.A.: With Particular Average

W/R: Warehouse receipt


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