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Freight Forwarder

A specialist in handling overseas shipping details of exports and imports.
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UK: Party that arranges the shipping of goods overseas but does not normally take possession of the goods. Freight forwarders operate under the British International Freight Association Conditions 2000. The conditions limit liability to 2 SDRs (approx.) per tonne subject to a cap based on the value of the goods. Claims should be made within 14 days of awareness of the ‘event’, legal actions should be brought within 9 months. The maximum liability for delay is twice the amount of carriage charges
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These are intermediaries having close relationship with the shipper, consignee, ship-owners and their Agents. They act as shipper’s antenna and providers them all shipping information relating to developments in shipping services, tendencies in freight rates, handling & storage facilities in ports etc.

Freight insurance

The insurance of the freight earned by shipowners. Shipowners usually insure freight for 12 months by fixing an amount that could be earned on any one round voyage. Bill of lading freight is normally paid in advance and added to the value of the goods by the cargo owner. The insurable value of freight is the gross value of freight receivable by the shipowner plus the cost of insurance. See also FREIGHT; FREIGHT COLLISION CLAUSE.

Freight Policy

Freight, Chartered or Anticipated/Time Charter Hire/Passage Money-Time/Voyage : The earnings of a vessel described as freight for time can be insured up to 25% of the hull value provided no additional Insurances on disbursements are placed. The Policy is subject to Institute Time Clauses – Freight, 1.10.1983, provides an indemnity for loss of freight but not exceeding the gross freight lost. Any claim consequent on loss of time, whether arising from a peril of the seas or otherwise is expressly excluded. Further, the underwriters does not cover partial loss of freight, other than GA loss, under 3% unless caused by fire, sinking, stranding or collision with another vessel. In the event of total loss (actual or constructive) of the vessel, the freight is paid in full, whether the vessel be fully or partial loaded or in ballast, chartered or unchartered. The contributions of Freight towards GA, salvage charges and Sue and Labour expenses also covered.

Frequency loss

A type of loss that combines high probability with low impact, the predictable nature of which means that it can usually be assumed and managed, e.g. shoplifting, minor mechanical breakdowns.

Frequency Rate

Number of occurrences of a given event, expressed in relation to a base unit of measure. For example, accidents per employee-hour of exposure, or traffic fatalities per 100,000,000 miles of vehicle travel.

frequency-adjusted conversion factor (FACF)

Dollar amount for one base unit that is obtained when converting a provider’s fee schedule that is not based on the resource-based relative value scale (RBRVS) to one that is based on it, using current fees and the number of times the service is provided (frequency). By using a FACF, it is possible to develop an RBRVS fee schedule that produces the same amount of income that was generated under the non-RBRVS fee schedule.

Freshwater damage

Cargo damaged by fresh water without the operation of a maritime peril. This risk, together with other extraneous risks such as damage by other cargo, hooks, oils and sweat may added to the policy when governed by Institute Cargo Clause (B) or (C). Clause (A), ‘all risks, is already wide enough to embrace the risk. The freshwater loss/damage must be fortuitous, happening by reason of some external cause.