(Less-than-carload; also, Less-than-containerload) A shipment that occupies less space than is available in a railcar or cargo-carrying container.
(Less-than-truckload) A shipment that occupies less space than is available in a truck or tractor-trailer.
The buyer's calculation of the total costs of buying and receiving a product, somewhat irrespective of selling terms.
A letter addressed by a bank, at the insurance and responsibility of a buyer of merchandise, to a seller, authorizing him to draw drafts to a stipulated amount under specified terms and undertaking conditionally or unconditionally to provide eventual payment for drafts.
A warehouse or factory facility where trucks are loaded or unloaded.
Document signed by the Assured where he acknowledges receipt of money advanced by the insurance company as an interest-free loan (instead of payment of a loss) repayable to the insurance company only if the loss is recovered from a third party and then only to the extent of the recovery.
A situation in which, for one reason or another, sound cargo is no longer wanted by the consignee when it arrives. This is a "business loss" not recoverable under a Marine Cargo Policy; e.g., Christmas trees arriving in January undamaged.
An itemized list by Bill of Lading number of the kind and quantity of all cargoes loaded aboard a vessel, prepared by the vessel's Master.
Intermediaries - wholesalers, retailers, brokers, etc. -- that a manufacturer uses to get its products to customers.
The efficient movement of products into and out of warehouses and transportation vehicles. Also applies to large movements of bulk materials.
Any marine policy limiting coverage to perils specifically listed in the policy; opposed to All Risks policy. See "All Risks."
Bill of lading indicating that the exporter consigns a shipment to an international carrier for transportation to a specified foreign market. Unlike an inland B/L, the ocean B/L also serves as a collection. If it is a straight B/L, the foreign buyer can obtain the shipment from the carrier by simply showing proof of identity. If a negotiable B/L is used, the buyer must first pay for the goods, post a bond, or meet other conditions agreeable to the seller.
Ships in regularly scheduled operations that specialise in "less-than-shipload" quantity shipments.
A cargo policy with no expiration date that provides automatic coverage of cargo to or from an Assured in a specified trade at agreed rates, terms, and conditions. Usually consists of separate Marine and War policies.
Materials used to protect a shipment physically when it is in a warehouse or in transit. Protective packaging is often inside a carton or individual box.
A low portable platform, usually wooden, on which cargo is stacked for storage or transportation; a skid.
The maximum dimensions and displacement applicable to any ship if wishing to traverse the Panama Canal.
Fortuitous accidents or casualties, peculiar to transportation on a navigable water, such as stranding, sinking, collision of the vessel, striking a submerged object, or encountering heavy weather or other unusual forces of nature.
The flow of materials from the end of the assembly line to the customer.
A certificate, issued by the US Department of Agriculture to satisfy import regulations for foreign countries, indicating that a US shipment has been inspected and is free from harmful pests and plant diseases.
The theft of part of the contents of a shipping package.
In export financing the risk of loss due to such causes as currency inconvertibility, government action preventing entry of goods, expropriation or confiscation, war, etc.
A term used to describe ships with dimensions that exceed the maximum allowable for movement through the Panama Canal; often used in conjunction with the largest container handling vessels.
Carrying one's own goods in one's own vehicles.
An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, etc.)
A warehouse whose owner leases space and provides services to a variety of customers.
A reference to refrigerated cargo-handling services utilising trucks, trailers, containers or railcars equipped with cooling units.
(Roll on - roll off) Ships loaded by driving automobiles, trucks or tractor-trailers directly aboard by ramps.
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.
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.
A group of ocean carriers that set identical rates for each member of the conference. Each conference operates only between specified origin and destination ports.
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.
A standard numerical code system developed by the United Nations to classify commodities used in international trade.
A non-negotiable bill of lading in which the goods are consigned directly to a named consignee.
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.
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.
(Twenty-foot-equivalent) A measure of volume or capacity based on the standard dimensions of a 20-ft cargo-carrying container; a 40-ft container provides for the same volume or capacity as two 20-ft containers (2 TEUs).
(Truckload) A shipment that fully occupies the space available in a truck or tractor-trailer.
The weight of a container and packing materials without the weight of the goods it contains.
A publication containing a carrier's charges for transportation services or the charges assessed on items imported into a country.
The term fixed for payment of a draft.
A carrier or public facility where freight (or passengers) is shifted between vehicles, or modes.
The invoice is the sales contract between buyer and seller and indicates the Terms of Sale.
A single bill of lading converting both the domestic and international carriage of an export shipment. An air waybill is essentially a through bill of lading used for air shipments. However, ocean shipments usually require two separate documents -- an inland B/L for domestic carriage and an ocean B/L for international carriage. Through bills of lading are insufficient for ocean shipments.
Gross Tonnage - Total internal carrying capacity of a vessel expressed in measurement tons (one measurement ton = 100 cu. ft.).
Allowing goods to stop once between their initial origin and ultimate destination without having to pay additional charges.
A term designating a shipment destined for an interior point or a place best reached by reshipment from another port.
To transfer from one ship or conveyance to another for further transit.
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.
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.
A receipt supplied by a warehouseman for goods he has placed in storage.
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.
A charge assessed by a pier or dock owner for handling incoming or outgoing cargo. |
