Glossary of Shipping Terms

WAR RISKÂ
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.Â

WAR RISK INSURANCEÂ
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.Â

WAREHOUSE RECEIPTÂ
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. Warehouse receipts are common documents in international banking.Â

WAREHOUSE-TO-WAREHOUSEÂ
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.Â

WARRANTIES (1) EXPRESSED WARRANTY:Â
An agreement written in a marine underwriter's insurance policy which must be strictly and literally complied with. A violation voids the insurance, e.g., trading warranties. (2) Implied Warranty: - Fundamental conditions implied in a contract of marine insurance are seaworthiness of the vessel and the legality of the venture.Â

WATCHÂ
The day at sea is divided into six four-hour periods. Three groups of watchstanders are on duty for four hours and then off for eight, then back to duty. Seamen often work overtime during their off time.Â

WAYBILLÂ
A document covering a shipment and showing the forwarding and receiving station, the names of consignor and consignee, the car initials and number, the routing, the description and weight of the commodity, instructions for special services, the rate, total charges, advances and waybill reference for previous services, and the amount prepaidÂ

WEATHER PERMITTINGÂ
That time during which weather that prevents working shall not count as laytimeÂ

WEIGHTÂ
(1) GrossThe weight of the goods including packing, wrappers, or containers, both internal and external. The total weight as shipped. (2) Net - The weight of the goods themselves without the inclusion of any wrapper. (3) Tare - The weight of the packaging or container. (4) 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. For example, the rate may be quoted based on 2,240 pounds, 40 cubic feet, one metric ton, or one cubic meter. (5) 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 last is frequently quoted for cargo being exported from Europe.

WEIGHT LOAD FACTORÂ
Payload achieved as against available, expressed as a percentage. Volume rather than weight frequently limit cargo; load factors of 100 percent are rarely achieved.Â

WEIGHT, LEGALÂ
Net weight of goods plus the inside packing.Â

WHARFAGEÂ
A charge assessed by a pier or dock owner against the cargo or a steamship company for use of the pier or dock.Â

WITH AVERAGE (WA)Â
A marine insurance term meaning that shipment is protected for partial damage whenever the damage exceeds a stated percentage.Â

WITH PARTICULAR AVERAGE (WPA)Â
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, delivery, leakage, and breakage.Â

WITHOUT RESERVEÂ
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)Â

WORLDSCALEÂ
An index representing the cost of time chartering a tanker for a specific voyage at a given time. The index is given at Worldscale 100, which represents the price in dollars per ton for carrying the oil at that rate. The negotiated rate will be some percentage of the index value.

Glossary of Shipping Terms

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Glossary of Shipping Terms