Logistic terms

Net Absolutely; no deductions from gross premium for brokerage or discount.

Non-Delivery.

No Risk After Discharge or No Risk After Landing (N.R.L.D.) especially in use for merchandise consigned to an area where political or other conditions are unsettled.

No Risk After Shipment.

No Risk to Attach till on Rail.

No Risk to Attach till Water Borne; particularly used where congestion (conflagration hazard) exists.

Any marine policy limiting cover to perils specifically listed in the policy; opposed to All Risks policy.

Aircraft with one corridor, such as a DC-9 and a Boeing 737.

Act of determining position, location and course to the destination of an aircraft or a vessel.

Imprudent action or omission which may cause injury, damage or loss.

In terms of documents, “negotiable” means that e.g. a Bill of Lading is handed over/transferred in the right manner (viz. proper endorsement) to another person. It is either endorsed in blank or endorsed to a person, and that person acquires by this transfer certain rights vis-a-vis the goods (i.e. is entitled to take possession of the goods).

Manifest containing all freight details including negotiated disbursements.

Volumetric measure of the useful capacity of a vessel determined in accordance with the provisions of the international convention on tonnage measurement of vessels.

Weight of the goods, excluding all packing.

Abbreviation: NVD. Notation on Air Waybill which indicates that no specific value has been declared to the carrier for carriage of the merchandise. Liability of the carrier would therefore be as defined by statute or as incorporated in the Waybill.

Abbreviation: NVOC. Party that undertakes to carry goods and issues in its own name a Bill of Lading for such carriage, without having own means of transport.

Abbreviation: N.D. Disappearance of an entire shipping package rather than the contents themselves or a portion of the contents.

Failure of the insured or their broker to disclose a material circumstance to the underwriter before acceptance of the risk. A breach of good faith.

Airline company which is not a member of IATA but which may work on terms of IATA as an interline partner.

Abbreviation: NTB. Economic, political, administrative or legal impediments to trade other than duties, taxes, and import quotas.

Abbreviation: NOR. 1. Written document or telex issued by the master of a vessel to the charterers advising them the moment when a vessel is ready to load or discharge. 2. Document advising a consignee or their agent that cargo has arrived and is ready for delivery.

Specified general cargo rate without any quantity discount (air cargo).

Orderly transit of merchandise from the point of origin to the final destination without interruptions or delays resulting from the action or inaction of any party at interest.

Under 45 kg rate or, if no under 45 kg rate exists, the under 100 kg rate (air cargo).

Under 45 kg rate or, if no under 45 kg rate exists, the under 100 kg rate (air cargo).

Condition which must precede a constructive total loss. If the insured fails to give notice to the underwriter, the loss can be treated only as a partial loss unless an actual total loss is proven. An underwriter who accepts notice admits liability for the loss. Notice is not necessary where it would not benefit the underwriter, where the underwriter waives the obligation or in the case of a reinsurance provided the policy incorporates the “waiver” clause. Action taken by an underwriter to prevent or reduce the loss is not deemed to be an acceptance of abandonment.

Abbreviation: NOR. 1. Written document or telex issued by the master of a vessel to the charterers advising them the moment when a vessel is ready to load or discharge. 2. Document advising a consignee or their agent that cargo has arrived and is ready for delivery.

Address of the party other than the consignee to be advised of the arrival of the goods.

Party to be notified of arrival of goods.

Abbreviation: NTB. Economic, political, administrative or legal impediments to trade other than duties, taxes, and import quotas.

Abbreviation: NVD. Notation on Air Waybill which indicates that no specific value has been declared to the carrier for carriage of the merchandise. Liability of the carrier would therefore be as defined by statute or as incorporated in the Waybill.

Abbreviation: NVOC. Party that undertakes to carry goods and issues in its own name a Bill of Lading for such carriage, without having own means of transport.