| TITLE |
DESCRIPTION |
| F.A.P. |
French abbreviation which means the same a F.P.A. or Free of particular average. Franc d’Avarie Particuliere. |
| F.A.S. or f.a.s. |
Free alongside steamer (or ship). A term of sale for goods in transit. The seller is responsible for the goods and all charges until the goods are delivered alongside the overseas vessel to await loading. The buyer’s responsibility attaches as the seller’s interest ceases. Whether or not the seller arranges insurance for himself beyond F.A.S. depends on the terms of payment for the goods, for the seller’s insurable interest continues until title to the goods passes to the buyer. |
| F.C. & S. |
Free of capture and seizure. |
| f.i.o.s. |
free in and out stowed (shipping). |
| f.i.o.s.t. |
Free in and out stowed and/or trimming (cargo shipping term). ‘Stowed’ related to bagged or packaged cargo, whereas ‘trimming’ relates to bulk cargo. |
| F.O.B. or f.o.b. |
Free on board. This term of sale for goods in transit can be applied to various points in the period of transit, as specified in the sale of contract. |
| F.O.C. |
Flag of Convenience. |
| F.P.A. |
Free of particular average. Refers to a policy which does not cover particular average losses. This type of insurance was common in the London cargo insurance market until the new clauses were introduced for use with the MAR form of policy. Then the standard FPA clauses were withdrawn and the FPA method of insurance was discontinued. However, whilst many overseas markets have followed the London market change in practice, this is not so in every market. |
| Face of Cargo |
A shipping term used in respect of stowage. Where cargo is stowed in such a manner that any side of it is exposed and unsupported by either the side of the ship or by other cargo the exposed side is called the “face of the cargo”. This face should be properly braced to prevent the cargo shifting. Particular attention should be given to the strength of the bracing where the face overlooks other cargo which may be damaged by contact in the event of movement of the facing cargo. |
| Flotsam |
Goods lost from a vessel which remains afloat. |
| FOA |
FOB airport; Fuel Oil. |
| Force Majeure |
An act of God. Any occurrence completely beyond human control and which could not have been avoided by foresight. A superior power. Circumstances beyond one’s control (eg. an earthquake). |
| Forwarding Charges |
A clause in the Institute cargo clauses provides that, where the overseas carrier terminates the contract of carriage short of destination and discharges the insured goods at such port or place, the insurance cover shall also terminate unless the assured gives prompt notice the insurer to request continuance of cover. Subject to compliance with this condition, and payment of an additional premium if required, cover will be continued for an agreed period (usually 60 days, but variations occur in trade clauses) at such port or place. If the goods are sold and delivered at the port or place before expiry of the period cover terminates immediately on such delivery. If the assured decides to forward the goods to the destination named in the policy, and does so within the agreed (eg 60 day) period, cover continues in the normal way to terminate in accordance with term of the transit clause. |
| Free Alongside Ship |
A sale term for goods in transit which means that the seller’s interest in the goods ceases when the goods are delivered alongside the vessel. Loading risk being the interest of the buyer. |
| Free in and out |
Chartering term whereby the charterer of a vessel under voyage charter agrees to pay the costs of loading and discharging the cargo. |
| Freeboard |
The depth from the underside of the main deck to the waterline. |
| Freight Ton |
A system of charging freight. A freight ton can be calculated either by weight of 2,240 lbs. of cargo or by sea occupied by the cargo at 40 cu. ft per freight ton. The former method is used when the cargo is heavy but occupies a small space. The latter method is used when the cargo is light but occupies a large space. |
| Frozen Food Clauses |
The Institute cargo clauses for frozen food were published in January 1986 for use with the MAR form of policy. They are available for use in respect of all forms of frozen food, except frozen meat. |
| Frozen Meat Clauses |
Although the 1986 frozen meat clauses, for use with the MAR form of policy, follow the pattern of the ICC (1982) regarding the basic structure of the conditions, no B set of clauses was published. However, there are two sets of A clauses in addition to a set of C clauses. The frozen meat clauses are not designed for the insurance of chilled, cooled or fresh meat, nor for any frozen products other than meat. In common with other sets of trade clauses, the frozen meat clauses follow the standard ICC (1982), but with amend-ments to suit the particular type of cargo. |
