Terms used in freight forwarding such as Insurance Policy,Inter Alia,Interline Freight,Intermodal,Interport,Inventory Accuracy etc.
This post explains about terms used in freight forwarding such as Insurance Certificate, Insurance Policy,Inter Alia,Interline Freight,Intermodal,INTERPORT,Inventory Accuracy,Inventory Management,INTERMODULE,INTERLINE PARTNER etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in freight forwarding
Insurance Certificate:An Insurance Certificate gives evidence of risk coverage for merchandise shipped. It is sent to the bank with other collection documents, and normally is used only when required by Letter of Credit or Documentary Collection procedures. There are many types of insurance policies available. Coverage requested is usually 110% of the value of the cargo shipped.
Insurance Certificate:Proof of an insurance contract.
Insurance Company:The party covering the risks of the issued goods and/or services that are insured.
Insurance Policy:Contract of insurance
Insurance, All-risk- This type of insurance offers the shipper the broadest coverage available, covering against all losses that may occur in transit.
INSURANCE: Usually the full dollar value of the shipment regardless of where the fault for the partial or full loss may have occurred.
Insurance:A process whereby someone with a risk of something happening to their financial detriment (the assured) pays someone else (an underwriter) a fee (premium) to bear that risk on their behalf.
insured to the insurers when a claim for total loss is to be made.
Insured Value:Dollar amount of which goods are insured by shipper.
Integrated Carrier:An airfreight company that offers a blend of transportation services such as air carriage, freight forwarding, and ground handling.
Inter Alia (Latin) -Amongst other things
Interchange - Transfer of a container from one party to another.
Interchange Agreement - Contract between carrier and trucker that legally permits interchange of equipment.
Interchange Agreement:A contract between a steamship line and the truck line, stating the (truck line) is responsible for any detention charges and/or repairs that may occur while container is in their possession. Contract also proves that truck line has the required insurance.
INTERLINE CARRIER: The carriage over the route of two or more air carriers.
Interline Freight - Freight moving from origin to destination over the Freight lines of two or more transportation carriers.
INTERLINE PARTNER: An agreement with another carrier to expedite movement of freight from point to point. For example for a PHL to YYZ shipment TBAC has an interline agreement with HBI who move the freight from PHL to JFK on behalf of TBAC.
Intermodal - Used to denote movements of cargo containers interchangeably between transport modes, i.e., motor, water, and air carriers, and where the equipment is compatible within the multiple systems.
Intermodal - The combining of two forms of transportation, usually refers to ocean/rail, rail/truck/ocean, air/truck/rail/ocean movements, Intermodal movements include mini-landbridge (MLB) and microbridge.
Intermodal Container Transfer Facility: A facility where cargo is transferred from one mode of transportation to another, usually from ship or truck to rail.
Intermodal -The movement of cargo by more than one mode of transport. Eg. Road - Sea –Road
Intermodal Transport:The movement of goods (containers) in one and the same loading unit or vehicle which uses successively several modes of transport without handling of the goods themselves in changing modes.
INTERMODAL TRANSPORTATION:A shipment utilising more than one mode of transport - i.e., a shipment moving in container by water and then rail.
Intermodal:Also referred to as "multi-modal" shipping, this term is commonly used to describe the movement of cargo, usually in containers, by more than one mode of transport. For example, a full-container of goods moving from Newark, New Jersey, to Hilo, Hawaii, might move from the warehouse to the rail-ramp by over-the-road truck, then via railroad to one of the West Coast ports, by ocean container ship to Port Honolulu, by barge from Port Honolulu to Port Hilo, and, finally, by truck to the delivery location.
INTERMODULE - Transportation utilizing more than one transport mode or form of carriage, i.e.; Motor, Rail, Ocean.
International Air Transport Association (IATA): An international air carrier rate bureau for passenger and freight movements.
International Air Transport Association: IATA An international organisation of airlines, founded in 1945, with the aim of promoting the commercial air traffic. Parties should achieve this by co-operation between the parties concerned and by performance of certain rules, procedures and tariffs, regarding both cargo and passengers.
International Association of Classification Societies: IACS An organisation in which the major classification societies, among others American Bureau of Shipping, Lloyd's Register of Shipping and Germanischer Lloyd, are joined, whose principal aim is the improvement of standards concerning safety at sea.
International Chamber of Shipping: ICS A voluntary organisation of national shipowner' associations with the objective to promote interests of its members, primarily in the technical and legal fields of shipping operations.
The above details describes about terms called in freight forwarding such as Insurance Certificate, Insurance Policy,Inter Alia,Interline Freight,Intermodal,Interport,Inventory Accuracy,Inventory Management,Intermodule,Interline Partner etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in freight forwarding trade below this post. Terms used in freight forwarding such as Importation Point,In Bond,In Transit,Inherent vice,Institute Clauses,Insurable Interest
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