A receipt of commodities deposited in a warehouse, identifying the commodities deposited. It is non-negotiable if permitting delivery only to a specified person or firm, but it is negotiable if made out to the order of a person or firm or to a bearer. Endorsement (without endorsement if made out to bearer) and delivery of a negotiable warehouse receipt service to transfer the property covered by the receipt serves to transfer the property covered by the receipt. Warehouse receipts are common documents in international banking and trade.
Insurance Encyclopedia
Warehouse to warehouse
Coverage from a shipment’s point of origin to its destination, even if these points are inland.
Warehouse to warehouse clause
Clause within the Duration Clause of the Institute Cargo Clause providing that cover attaches when the cargo leaves the warehouse at the starting place and ends at final port on the basis of the soonest of delivery: (a) at final warehouse at named destination; (b) at any other warehouse elected by insured at, or prior, to destination; or (c) 60 days after discharge overside at final destination.
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Marine cargo clause which provides coverage from the originating warehouse to the terminating warehouse with certain limitations and also subject to the law of insurable interest.
Warehouse to warehouse coverage (Property Insurance)
A stipulation, mostly found in marine coverage forms, which extends the policy to provide coverage from the shippers warehouse to the consignee’s warehouse.
Warehousemen’s Legal Liability
Coverage protecting warehousemen from liability claims, common to the business of warehousing, for loss or damage to property in storage.
Warehousemen’s legal liability (Liability Insurance)
Insurance that covers loss or damage of property stored in a warehouse, in the event of a liability claim.
Warning notice
Disciplinary notice detailing the FSA’s proposed course of action in regard to alleged unsatisfactory conduct by an authorised person. The recipient can respond by stating why no action should be taken against him. If unconvinced the FSA can proceed to a decision notice. See PRIVATE WARNINGS.
Warrant
To assure the title to property through the means of an express covenant to that effect in the deed of conveyance stating that the title of a guarantee shall be good and his possession undisturbed.
Warranted free from particular average
Marine insurance term applied when the policy does not cover partial loss other than a general average loss. Since the introduction of the Institute Cargo Clauses (1/1/82), the words ‘particular average’ no longer appear in policies but the term lives on in marine insurance circles where its meaning is well known.
Warranted Value
Generally refers to a question typically contained in an original claims-made insurance application that requires the insureds to disclose any known fact or circumstance that could reasonably give rise to a claim in the future. By signing the application, the insureds “warrant” or represent that they have disclosed all such known facts or circumstances. This warranty is typically not included in a renewal application since the insurer is already at risk for such potential claims if the insureds elect to give a notice of circumstances or notice of potential claim to the insurer as provided in the policy.****Statement made on an application for Insurance that the applicant warrants to be true. If untrue in any respect, without the applicant’s knowledge, the warranty has been breached and any Insurance relating to that warranty is void, without regard to the materiality of the breach. A statement may be construed as a warranty even though it is not so labeled. However, in most lines of Insurance other than ocean marine, state statutes and court decisions tend to interpret warranties as representations, so that their breach does not void coverage unless the breach materially increased the chance of loss or was consciously concealed by the insured. Under products liability a warranty is a statement or representation, made by the seller of goods, at the time of and as part of the contract of sale, that the product is as represented. It is a statement of fact with regard to the quality or charter of the product.*****
Where an insured or reassured promises that something will or will not be done during the period of cover or that a particular state of affairs exists or does not exist at the inception of cover. If the promise is untrue or is not kept then the insurer/reinsurer may disclaim all liability under the policy from the date of the breach, regardless as to whether the false declaration was material to the underwriting of the contract or causative of any loss.