An arrangement for renting an aircraft under which the owner provides crews, ground support equipment, fuel and so on (of dry lease).
Tag: RAW
Wet Marine Insurance
Insurance provided on Ocean Marine forms, covering ships and their cargos.
Wet perils
Certain named perils added to a fire insurance policy. The perils are: storm; flood; burst pipes; sprinker leakage.
Wet risk
Lloyd’s term for non-marine risks, i.e. it is not connected with hulls, marine cargoes or maritime liability, but has a maritime association. Examples include the insurance of dock and port structures, offshore oil and gas structures, bridges, wharves and dams.
Wet-bulb temperature
A meteorological term used to assess heat stress in direct sunlight. It takes into considerate air temperature, humidity, wind speed, sun angle and cloud cover. It combines dry air with humidity. A wet cloth is placed over the bulb of the thermometer – this lowers the temperature reading on the thermometer. When humidity is high, the wet-bulb temperature is closer to the dry-bulb temperature. It’s used to determine when outside conditions are dangerous for people to stay out in. When the air is dry sweat evaporates when the air is wet, it’s harder for sweat to evaporate, making it more dangerous to stay outside for prolonged periods of time. The wet-bulb temperature gives an indication as to whether people will be able to cool themselves by sweating. A wet-bulb calculator can be found here.
Wharfage
A charge assessed by a pier or dock owner against the cargo or a steamship company for use of the pier or dock.
While clauses
A clause stipulating that coverage will be suspended while certain things are happening at the property.
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Clauses which suspend coverage “while” certain conditions exist, such as vacancy.
Whiplash injury
Neck injury suffered by drivers and passengers of motor vehicles caused by their sudden involuntary body movement due to a collision. The cost to motor insurers is £600 million to £700 million each year. The ABI has commissioned research under the title, ‘Prevention and Management of Whiplash Neck Injury.
Whistle blowing
1. The reporting in writing to Opra by an actuary or an auditor of an occupational pension scheme where they suspect that a breach of certain rules has occurred. Others may report such breaches but the actuary and the auditor have a legal duty to do so (PA95, s.48). 2. The FSA can accept whisteblowing information from insiders in regulated firms by virtue of its prescribed regulator status under the Public Interest Disclosure Act 1999. The Act protects ‘whistleblowers’ from reprisals and secures compensation for victims for revealing serious wrongdoing.
Whistleblower
Informant who reports a physician for financial misconduct and may be suspected of defrauding the federal government. Also see qui tam action and qui tam provision .