General Insurance


Wagering Contracts

A contract of marine insurance where the insured has no insurable interest in the subject matter insured nor has any expectation of acquiring such interest anytime during the insurance is in force.

Waiting Period

A period mentioned as 'waiting period' in the policy during which any loss-taking place is not recoverable under the policy.

WAIVE: To forego; to refrain from insisting upon application of an insurance deductible under specific conditions.


Voluntary relinquishment of known right. It may arise when a person knowing of a right that has accrued to him, fails to take advantage of the right within a reasonable time. In case of a breach of a condition or warranty by the insured, the insurer does not take note of that and give notice to that effect he is deemed to have waived his right.

WAIVER CLAUSE: A clause which entitles both Underwriter and Assured to take measures to prevent or reduce loss without prejudice to the rights of either party.

Waiver of Subrogation

A clause relevant to policies, issued in favour of two or more parties, who have financial interest and/or involvement in the subject matter of insurance, whereby the insurer consents to waive all rights of subrogation or action which he may have or acquire against any of the insured arising out of any occurrence in respect of which a claim is admitted under the policy

War Risks Time Policy-Government of India War Risks Scheme for Marine Hulls

A Scheme of the Government of India for insuring Indian Hulls against War and Strikes Risks. The scheme is applicable to all ships registered under the Merchant Shipping Act, 1958. The Scheme also applies to ships otherwise qualifying for registration, which are under construction or are purchased from foreign owners from the time they are at the risk of Indian owners. The scheme also applies to mechanised sailing vessels.

This is a voluntary scheme and is left to the ship-owner to participate or not.

Policies are issued by any of the Indian Insurers.

Warehouse to Warehouse Cover

The voyage through which the cargo is to be moved commences from the sellers warehouse and terminates on arrival at buyer’s warehouse. Since the cover for cargo encompasses this entire movement from the seller’s warehouse to the buyer’s warehouse, it is called as warehouse to warehouse cover. This means that the scope of the cargo cover is extended to take care of the interior transits at both ends of ocean transit as well. (See also "Transit Clause")


Individuals or organizations who receive the goods for the purpose of storage in their warehouses. They are supposed to exercise due care and diligence in the storage of goods. They are entitled to payment for their services. They have a lien on the goods for the charges payable to them and consequently have an insurable interest in the goods.

Warranted underdeck

Incorporation in the marine cargo insurance policy, of a promise or undertaking given by the insured to the effect that the insured cargo shall be carried under deck only. Breach of this warranty will enable the insurer to avoid the contract.


An undertaking by the insured that:

(a) Something shall be done

(b) Something shall not be done

(c) A certain state of fact exists

(d) A certain state of fact does not exist

Warranty Surveyors

Surveyors who carry out surveys in connection with towing of one vessel by another, to suggest the method of towage, suitability of towing line monitoring of weather conditions during the towage voyages and also the precautions to be taken in case of any untoward incidence. The warranty surveyor also approves the condition of the vessel to be towed and the vessel being used for towing depending upon the voyage, distance and capability.

Warsaw Convention

The Warsaw Convention, signed in 1929, is an international agreement governing the liability of the air carrier in case of damage caused to passengers baggage and booked cargo carried from one country to another. This convention now stands amended as Hague Protocol from 1963. The High contracting parties of the convention have given effect to the convention by enacting a legislation in their countries generally called Carriage by Air Act. The Indian Carriage by Air Act, 1972 which embodies the provisions of the convention limits the liability of the air carrier to a sum of 250 francs per kilogram of package weight unless the consignor declares the value of the consignment at the time of entrustment to the carrier.

Weekly Benefits (For Personal Accident Insurance)

They are paid for the period of temporary total disablement following an injury which is admissible under the policy

Whole Life Insurance

Life insurance payable to a beneficiary at the time of death of the insured, whenever that occurs.

Without Benefit of Salvage

A term in a marine insurance policy, whereby the Underwriters forgo their subrogation rights. A policy incorporating such a term is deemed to be a gambling policy in law, and is therefore invalid in a court of law.

Without Prejudice

The claim is paid on this occasion, although the Underwriter feels it does not attach to the policy, but this action must not be treated as a precedent for future similar claims.

Workers Compensation

(1) A schedule of benefits payable to an employee for injury, disability, dismemberment, or death as a result of occupational hazard. The payments are a liability of an employer; (2) insurance agreeing to pay the Workers Compensation benefits required by law on behalf of the employer.