| TITLE |
DESCRIPTION |
| War & Strikes Cancellation Clauses – Cargo Open Cover |
It is customary for a cargo open cover to incorporate a cancellation clause which entitles either party to cancel the war and/or strikes risks cover by giving the other party 7 days notice in writing. It is also customary to incorporate a cause which allows cancellation of strikes risks in respect of shipments to or from the USA by giving only 48 hours notice. |
| War Cancellation Clause |
During peacetime the premium rate charged for war risks insurance is relatively low, reflecting the minimal risk at that time of loss or damage by war perils. If the risk increased, but no major conflict develops, insurers either increase the rate for acceptances or defer acceptance of risks until things quiet down. |
| War Exclusion Clause |
All insurance policies, other than those that specifically cover war risks , incorporate a war exclusion clause. |
| War Perils |
Perils caused by, in consequence of or associated with hostile acts by authorities using political or executive powers. The term does not include arrests, restraints or detainments by authorities exercising judicial powers (e.g. detainment under quarantine restrictions, seizure as security against legal obligations such as collision liability, arrests through non-payment of fines or other financial defaults. |
| Warehouse Risk |
Insurance of goods whilst in warehouse. This risk generally occurs at the customs or other warehouse at the port or place of shipment or discharge. If the warehouse period is within the “ordinary course of transit” the marine insurance cover continues and no special policy is necessary. |
| Warehouse to Warehouse Cover |
A term used loosely to show that a cargo is insured against all the perils expressed in the policy (other than war risks) throughout the whole period of transit. That is, from commencement of transit at the inland warehouse or place of storage, at the place named in the policy, to delivery at the final inland warehouse or place of storage at the destination named in the policy. A ‘Warehouse to Warehouse” policy or certificate incorporates a ‘Duration’ clause which specifies when cover attaches and terminates. |
| Warranted |
Promised by the assured. |
| Warranty |
A marine insurance warranty is a promissory warranty by which the assured undertakes that some particular thing shall or shall not be done, or that some condition shall be fulfilled, or whereby the assured affirms or negatives the existence of a particular state of facts. |
| Washing Overboard |
A peril specified in the ICC (1982) B and in trade clauses based thereon, as appropriate. It is restricted to loss of cargo which is washed over the side of the ship by waves that sweep the deck during heavy weather. The peril would be embraced within the ‘all risks’ cover of the A clauses, but is not among the perils specified in the C clauses. It does not embrace ‘loss overboard’ from any other cause; such as deck cargo which breaks loose during heavy weather and falls overboard. |
| Wear and Tear |
Cargo insurance policies expressly exclude loss caused by ordinary wear and tear; except where provided otherwise. |
| Wharf |
The place where a ship moors alongside to discharge or load cargo. |
| Wharfage |
Payment for the use of a wharf. |
| Wharfinger |
A person having charge of a wharf. |
| White Rust |
Oxidisation on metals which are treated to prevent red rust, such as galvanised metals. The insurer’s liability is the same as that for “rust”, which see herein under a separate entry. |
| Without Prejudice |
In cases where the insurer is presented with a claim for which he feels he is not strictly liable under the terms of the policy he may agree to pay this “without prejudice”. This means he is paying without argument on his particular occasion but it is not to be used as a basis for demanding settlement of similar future claims. |
| Write |
To underwrite a risk. An insurer writes a risk when he accepts liability under an insurance contract. |
