Risk & Insurance Glossary - W

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WAITING PERIOD – Certain policies that insure against loss of use, or against disability, provide that payment will not begin until a specified time (the waiting period) has passed.
WAIVER – The voluntary surrender of a right or privilege known to exist.
WAR CLAUSE – A clause in an insurance contract relieving the insurer of liability, or reducing its liability, for loss caused by war.
WAR RISK INSURANCE – Insurance against loss or damage by enemy action and against damages sustained in defending such enemy action.
WAREHOUSE TO WAREHOUSE CLAUSE – A clause extending a marine insurance contract to provide coverage of cargo from the shipper's warehouse to the consignee's warehouse.
WARRANTY – (1) A statement in the policy of the existence of a fact or a condition of the subject of insurance which, if untrue, invalidates the contract; (2) An express or implied promise or condition that is part of a contract for the sale of goods and subordinate to its main purpose.
WATER DAMAGE INSURANCE – Insurance coverage protecting against loss due to specified damage caused by water. Contractual protection against damage or loss that results from accidental presence of water where water is not supposed to be. It is not flood insurance.
WAVE DAMAGE INSURANCE – Insurance against loss due to waves or overflow to tidal water.
WAVE WASH – Damage caused by severe wave action.
WHARFINGER'S LIABILITY – Liability imposed upon owners and operators of landings or wharves. A special policy form combines bailee protection (liability for damage to hulls or cargo in custody) with third party liability.
WHOLE LIFE – (See also ORDINARY LIFE)
WINDSTORM INSURANCE – Insurance coverage against loss due to windstorm. Contractual protection against loss or damage caused by cyclones, hurricanes, and high winds.
WITHOUT PREJUDICE – Without detriment to the existing rights of the parties.
WORKERS' COMPENSATION INSURANCE – Insurance against liability of an employer (the insured) for injuries or death to employees arising by accident out of, and in the course of, employment and as defined by the applicable Workers' Compensation Law.
WORKERS' COMPENSATION LAW – A statute imposing liability on employers to pay benefits and furnish care to employees injured, and to pay benefits to dependents of employees killed, in the course of and because of their employment. The employer is generally relieved of liability for common law damages.
WORLD WIDE COVERAGE – In certain policies, worldwide coverage is provided; e.g., jewelry, fur, personal effects, and personal property floaters.
WRAP–UP COVERAGE – Specially tailored contract for big construction projects. One policy covers all involved interests: the owner, contractor, subcontractors, suppliers, etc.; usually providing general liability and workers' compensation.
WRITE – In the insurance industry it means to insure, underwrite, etc.