W

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

Waiting Time
The period of time between the moment at which one is ready for an activity to start and the moment at which this activity can actually begin.
See also: Queue Time

Waiver Clause
Clause in a marine insurance policy stating that no acts of the insurer or insured in recovering, saving or preserving the property insured, shall be considered a dismissal from or acceptance of abandonment.

Warehouse
A place for the reception, delivery, consolidation, distribution, and storage of goods/cargo.

Warehouse Entry
Document that identifies goods imported when placed in a bonded warehouse. The duty is not imposed on the products while in the warehouse but will be collected when they are withdrawn for delivery or consumption.

Warehouse Keeper
Party who takes responsibility for goods entered into a warehouse.

Warehouse Receipt
Receipt for products deposited in a warehouse.

Warehousing
Those activities of holding and handling goods in a warehouse (store).

Warehousing Entry
A document lodged with Customs to allow imported goods to be placed directly into a Customs warehouse, so as to avoid the payment of duty until the goods are later removed from the warehouse.

War Risk
Perils of war or warlike operations, such as capture, seizure, arrests, restraints of kings, princesses and people, hostilities, civil war, mines, torpedo's. War risks are not covered under a policy for marine perils and must therefore be covered under a separate policy for war risks.

Warping
Using ropes or cables to manoeuvre 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).

Warsaw Convention
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).

Waste Disposal
Processing and or removal to final resting place or transfer to a place for re-use or recovering of waste.

Waste Logistics
The collection of used, damaged, or outdated products and or packaging from designated users.

Watch
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.

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.

Waybill
Abbreviation : WB.
Non-negotiable document prepared by a transportation line at the point of a shipment; shows the point of the origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service. It is forwarded with the shipment or sent by mail to the agent at the transfer point or waybill destination. Unlike a bill of lading, a waybill is NOT a document of title.

Wear and Tear
Loss or deterioration resulting from ordinary use.

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

Weights and Measures
Abbreviation : W.M. (W/M)
The basis for assessing freight charges. Also known as "worm." The rate charged under W/M will be whichever produces the highest revenue between the weight of the shipment and the measure of the shipment.
1. Measurement ton
40 cubic ft or one cubic meter.
2. Net ton, or short ton 2,000 lbs.
3. Gross ton/long ton 2,240 lbs.
4. Metric ton/kilo ton 2,204.6 lbs.
5. Cubic meter 35.314 cubic ft.

Weight Cargo
A cargo on which the transportation charge is assessed on the basis of weight.

Weight Charge
The charge for carriage of goods based on their weight (air cargo).

Weight Ton
A ton of 1000 kilos.

Well
An open space between superstructures or deckhouses on a ship.

Wharf
A place for berthing vessels to facilitate loading and discharging of cargo.

Wharfage
The fee charged for the use of a wharf for mooring, loading or discharging a vessel or for storing goods. Usually levied on the cargo owner.

Wharfinger
The person in charge of a wharf.

Wharves

Wholesaler
An intermediary between manufacturers and retailers in various activities such as promotion, warehousing, and the arranging of transport and or distribution.

WIBON
Whether In Berth or Not.

Windy Booking
A freight booking made by a skipper or freight forwarder to serve space but not actually having a specific cargo at the time the booking is made. Carriers often overbook a vessel by 10 to 20 percent in recognition that "windy booking" cargo will not actually ship.

With Average
Used in cargo insurance, this means that the policy covers both particular and general average.

Without Benefit of Salvage
A term in a marine insurance policy whereby the underwriter forgoes his subrogation rights.

Without Recourse
A phrase preceding the signature of a drawer or endorser of a negotiable instrument; signifies that the instrument is passed onto subsequent holders without any liability to the endorser in the event of nonpayment or nondelivery.

Wool Dump
A designated facility in Australia where wool is 'dumped' or compressed from the original wood bale size to high, medium, normal, conventional or jumbo sizes to facilitate packing in containers.

Work Load
\The quantity of work ahead assigned to a certain facility such as a work station, capacity group or a department respectively staff-member.

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

World Health Organization
Abbreviation: WHO
The global agency linked with the United Nations and co-operating with other technical agencies relating to health matters at sea and on land.

World Meteorological Organisation
Abbreviation: WMO
The United Nations agency dealing with meteorological issues.

Worldscale
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.

Wreck
Whatever may remain of property which 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.