Glossary

Warehouse operators legal liability insurance covers liability that might be incurred by businesses that store property of others for a fee. Previously referred to as warehousemen's legal liability insurance.

A warehouse to warehouse clause is a marine cargo insurance policy provision that extends the protection from the warehouse at which the shipment originates to the one at which it terminates.

Warehousing is a service provided during the interim period in which a fronting company starts to receive premiums that should be reinsured to a captive, but the captive isn't ready to receive them yet.

The Workers' Adjustment Retraining Notification (WARN) Act exclusion is found in employment practices liability insurance policies. Under the federal WARN Act, employers of 100 or more persons are required to give their workers specific notice periods prior to various types of mass layoffs or plant closings. The majority of employment practices liability policies preclude coverage for claims alleging failure to provide such notice as required by the WARN Act. The rationale for this exclusion is that such claims are within the insured's control and therefore are preventable.

A warrant is an instrument that gives the holder the right to purchase or sell the underlying interest at a given price and time or at a series of prices and times outlined in the warrant agreement.

A warranty is a guarantee of the performance of a product or work. Product warranties are included within the definition of the named insured's product in general liability policies. A warranty can also refer to a statement of fact given to an insurer by the insured concerning the insured risk which, if untrue, will void the policy.

The Warsaw Convention is an international agreement setting limits of liability for freight, baggage, and bodily injury on international flights. Additionally, the agreement puts the responsibility on the air carrier to prove that it did not cause the loss to avoid reimbursement to the claimant.

A war exclusion is a provision found in nearly all insurance policies that excludes loss arising out of war or warlike actions. The loss can result from either declared or undeclared war but must be related to actions of a military force directed by a sovereign power. Prior to the September 11, 2001, terrorist attacks, the war exclusions in most liability insurance policies applied only with respect to contractually assumed liability, on the theory that private persons and organizations could not otherwise incur liability in connection with war. Following the September 11, 2001, terrorist attacks, "war and terrorism" exclusions that broadened the war portion of the exclusion beyond contractually assumed liability, were quickly added to liability policies. That broadened war exclusion is now standard, regardless of whether terrorism is insured or excluded in the policy.

A war risk clause is an exclusionary clause eliminating coverage for losses arising out of war or warlike actions.

War risk insurance covers loss or damage to property due to the acts of war. It is freely written on marine exposures but is virtually unobtainable on property exposures.