Water or moisture penetration into a package or condensation of water vapor within the package could lead to corrosion of contents. All metals with the exception of gold or platinum are susceptible to corrosion in the presence of oxygen deposits of carbonate, red deposits of oxides or black deposits of sulphide on copper, greying of tin, blackening of silver, darkening of nickel, powder formation on aluminum, all are different types of corrosion.
Tag: RAW
Water damage clause (Property Insurance)
A clause that provides for coverage of water damage cause by certain causes.
Water Damage Insurance Policy
Type of business Insurance coverage protecting against loss due to specified damage caused by water. Contractual protection against damage of loss that results from accidental presence of water where wet is not supposed to be. It is not flood Insurance.
Water damage Legal Liability Insurance
Coverage for an insured who suffers a water damage loss which also damages the property of others on the floor below or in adjoining premises.
Water damage legal liability insurance (Liability Insurance)
Insurance that covers losses to the property of the insured’s neighbors caused by water damage. This kind of coverage usually only applies to the people who live underneath the insured or next door.
Waterborne Agreement
Marine market agreement whereby underwriters will cover goods against war risks while they are actually on the overseas vessel subject to a 15 day time limit after arrival at the destination. Limited cover applies while the goods are in craft en route between the ship and the shore and, also during trans-shipment. The agreement is given effect in the Institute War Clauses (Cargo) by the Waterborne Clause.
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A London market agreement whereby all cargo Insurers undertake not to provide cover against war risks for cargo whilst it is on land except for a limited period in a dock area whilst it awaits loading on to an on-carrying vessel during transshipment.
Waterborne Clause
See: WATERBORNE AGREEMENT.
Wave Damage Insurance
Contractual protection against loss or damage caused by waves and the action of waves.
Wave damage insurance (Property Insurance)
Insurance that covers damage to the insured’s property caused by waves or tides.
WBS (Without benefit of salvage)
Marine insurance term whereby the insurer forgoes the benefit of the salvage. Tonner reinsurance contracts are written both WBS and PPI to obviate questions of legal enforceability when salvage is clearly impossible.