|
|
|
|
Glossary of Marine Insurance and Shipping Terms[CONTENTS] [A] [B] [C] [D] [E] [F] [G] [H] [I] [J] [K] [L] [M] [N] [O] [P] [Q] [R] [S] [T] [U] [V] [W] [X] [Y] [Z] A system of ropes and lines (tackle) and pulleys (block) used to gain mechanical advantage to move heavy objects or rigging; collectively called "running rigging." Sometimes it is pronounced "taykle." Tail Shaft - See "Shaft." Tandem Tow One tug pulling two or more barges at the same time. See "Deck Barge" in Appendix F. Tare Weight The weight of packing material, container, vehicle, etc., i.e. everything except the cargo. The tare weight is deducted from the total weight to calculate the weight of the cargo load being transported. Tariff A publication setting forth the conditions, charges, rates, and rules of transportation companies for carrying cargo.
Tender 1. See "Vessel Types" Appendix F. 2. To offer for acceptance; e.g. as tender of abandonment of property or the tender of defense of a lawsuit. 3. To offer goods for transportation or to make railcars, trucks or containers available for loading or unloading of cargo. A large open storage area adjoining a wharf, pier, or runway for loading or unloading dry, bulk, or container cargo from vessels or aircraft to trucks or railcars. Terms of Sale - See Appendix G. TEU (Twenty-foot Equivalent Unit) A standard size designation of an ocean cargo container, since the early containers were 20 feet in length. Later containers were 40 feet in length and were sized by their cargo carrying capacity in terms of 20 foot units; i.e. a 40 foot container is the equivalent of two 20 foot containers; 1 FEU = 2 TEU’s. Vessels are sized by the number of containers of a certain size they can carry; i.e. the number of TEU’s or FEU’s. Thieves Persons stealing property. See "Assailing Thieves." A person or company outside the two parties to a contract; e.g. someone other than the Assured or the insurance company. Thwartship – See "Transverse." The alternating rise and fall of the oceans of the world (usually twice a day) as they react to the gravitational attraction between the earth and the sun and the moon. Tides are made up of two components: the height of the water and the flow of the current as the height changes. No two tides are the same height. Some of the more common terms to describe various stages of tide are:
Time Policy A policy covering the subject matter for a specified period of time. Time Zones - See Appendix C. TLO - See "Total Loss Only."
Topsides The upper part of a vessel's sides, from the waterline to the rail. Total Loss (TL)1. Actual Total Loss - Total loss of an entire vessel or an entire cargo shipment when the property is completely lost or destroyed due to one of the following:
2. Constructive Total Loss (CTL) - A vessel or cargo is so damaged that an actual total loss is inevitable, or the part or remnant remaining can only be recovered and repaired at a cost exceeding the insured value of the property. 3. Compromised (or Arranged) Total Loss - A negotiated total loss settlement between the property owner and the insurance company under unusual circumstances, e.g. a vessel owner accepts a settlement of less than the face value of the hull policy and retains title to the vessel. An insurance policy covering ONLY the total loss of an entire vessel, an entire cargo shipment, or other property from an insured peril. A partial loss, even from an insured peril, is NOT covered by the Total Loss Only policy. Touch & Go - See "Stranding." TOVALOP - See "Pollution Liability." Tower's Liability A tugboat owner’s legal liability arising out of the operation of tugboats towing or pushing barges or other vessels. (Pronounced toe ers, not as in radio tower.) TPND (Theft, Pilferage, and Non-Delivery) Theft, pilferage and non‑delivery of cargo. Tractor A self-propelled vehicle used for pulling one or more detachable trailers on a highway; as in "tractor-trailer" combinations. Sometimes it is called a truck tractor or highway tractor to differentiate it from a farm tractor. See "Tractor Tug" in "Vessels Types" Appendix F. Trade Loss Commodities shipped in bulk are subject to natural shrinkage and evaporation. A trade loss is the percentage of that particular commodity normally lost during the voyage, and is therefore not a fortuitous loss. When insuring such commodities, insurance companies usually apply a deductible equal to the normal percentage (commonly ½ %) lost, in order to avoid paying inevitable losses. The geographical scope of a vessel’s operation stated in an insurance policy; navigating limits. Trailer The detachable part of a truck that is pulled by the tractor, usually consisting of a wheeled chassis and a cargo container; e.g. tractor-trailer combination. Tramp Steamer A vessel maintaining no regular schedule, calling at any port where it may be able to pick up available cargo. See "Liner." Transom The vertical portion of a vessel’s stern, connecting its sides, bottom, and decks. Transshipment (Transhipment) The transfer of cargo from one vessel or conveyance to another for further transit to complete the voyage and carry the cargo to its ultimate destination; e.g. a connecting carrier. Transtainer A large wheeled vehicle used to lift and move containers around a container yard. See "Straddle Carrier." Across the width of a vessel; athwartship. Treaty - See "Reinsurance." Trim To adjust sails, rigging, or cargo to balance a ship to achieve optimum performance. Trimaran - See "Vessel Types" Appendix F. Tsunami A tidal wave caused by an earthquake under the sea. See "Storm." Tug - See "Vessel Types" Appendix F. Tumblehome An inward curve of the sides of a vessel. Turnaround In water transportation, the time needed for a vessel to dock, discharge cargo, refuel, service machinery, make incidental repairs, load new cargo, and depart. See "Demurrage." Twist Lock A metal locking device with a rectangular cone-shaped top and bottom that is inserted into each of the four corner posts of a container and is turned or twisted to lock the container to the spreader for lifting to or from the vessel deck or to or from another container. See "Corner Post" and "Spreader."
A tropical cyclone with winds of 74 mph or greater in the China Seas and the Northwest Pacific Ocean. See "Storm." |
|
|
