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Trade
Terms
SHIPPER'S EXPORT DECLARATION
A form required for all shipments by the US Treasury Department and
prepared by the shipper, indicating the value, weight, destination,
and other basic information about an export shipment.
SHIPPER'S
LOAD AND COUNT
Note
on bill of lading indication that the contents of a container were
loaded and counted by the shipper and not checked or verified by the
Steamship Company.
SPECIAL
POLICY OF INSURANCE
Document
issued on behalf of the Underwriter stating the terms and conditions
of the marine insurance. Issued when evidence of insurance is
required, as by the bank issuing the Letter of Credit.
STANDARD
INTERNATIONAL TRADE CLASSIFICATION (SITC)
A
standard numerical code system developed by the United Nations to
classify commodities used in international trade.
STRAIGHT
BILL OF LADING
A
non-negotiable bill of lading in which the goods are consigned
directly to a named consignee.
SUBROGATION
The
operation by which the insurance company (on payment of a claim)
assumes all of the assured's rights to recovery from any third
parties; substitution of one creditor for another.
SURVEYOR
A
marine specialist who examines damaged property and determines the
cause, nature, and extent of damage and methods of repair and/or
replacement. He is not an adjuster, and all his actions are without
prejudice to policy terms and conditions.
