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Trade
Terms
VALUATION CLAUSE
The clause in the Marine Policy that contains a fixed basis of
valuation agreed upon by the Assured and the Underwriter and which
establishes the insured value of the merchandise. The Clause
determines the amount payable under any recoverable loss or General
Average contribution.
VESSEL
Every
description of watercraft or other artificial contrivance used, or
capable of being used, as a means of transportation on water.
Those risks related to two (or more) belligerents engaging in
hostilities, whether or not there has been a formal declaration of
war. Such risks are excluded by the F.C.&S. (Free of Capture and
Seizure) Warranty, but may be covered by a separate War Risk Policy,
at an additional premium.
WAREHOUSE
RECEIPT
A
receipt supplied by a warehouseman for goods he has placed in
storage.
WAREHOUSE
-TO- WAREHOUSE CLAUSE
The
clause in the Cargo Policy that defines when coverage commences and
terminates. It is the intent of the policy to attach at the time the
goods leave the warehouse of origin named in the Policy, and to
continue while the goods are in due course of transit until
delivered to the warehouse of destination named in the Policy, where
it terminates.
WHARFAGE
A
charge assessed by a pier or dock owner for handling incoming or
outgoing cargo.
