N.A.
Net Absolutely; no deductions from gross premium for brokerage or discount.
N.D.
Non-Delivery.
N.R.A.D.
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.
N.R.A.S.
No Risk After Shipment.
N.R.T.O.R.
No Risk to Attach till on Rail.
N.R.T.W.B.
No Risk to Attach till Water Borne; particularly used where congestion (conflagration hazard) exists.
Named Perils Policy
Any marine policy limiting cover to perils specifically listed in the policy; opposed to All Risks policy.
→ All Risk
Narrow Body Aircraft
Aircraft with one corridor, such as a DC-9 and a Boeing 737.
Navigation
Act of determining position, location and course to the destination of an aircraft or a vessel.
Negligence
Imprudent action or omission which may cause injury, damage or loss.
Negotiable
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).
Net Manifest
Manifest containing all freight details including negotiated disbursements.
Net Register Ton
Volumetric
measure of the useful capacity of a vessel determined in accordance
with the provisions of the international convention on tonnage
measurement of vessels.
Net Weight
Weight of the goods, excluding all packing.
No Value Declared
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.
→ Released Bill
Non Vessel Operating Carrier
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.
Non-Delivery
Abbreviation: N.D. Disappearance of an entire shipping package rather than the contents themselves or a portion of the contents.
Non-Disclosure
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.
Non-IATA Member
Airline company which is not a member of IATA but which may work on terms of IATA as an interline partner.
Non-Tariff Barriers
Abbreviation:
NTB. Economic, political, administrative or legal impediments to trade
other than duties, taxes, and import quotas.
NOR
→ Notice of Readiness
Normal Charge
Specified general cargo rate without any quantity discount (air cargo).
Normal Course of Transit
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.
Normal General Cargo Rate
Under 45 kg rate or, if no under 45 kg rate exists, the under 100 kg rate (air cargo).
Synonym: → Normal Rate
Normal Rate
→ Normal General Cargo Rate
Notice of Abandonment
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.
→ Waiver Clause → Constructive Total Loss
Notice of Readiness
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.
Notify Address
Address of the party other than the consignee to be advised of the arrival of the goods.
Notify Party
Party to be notified of arrival of goods.
→ Arrival Notice
NTB
→ Non-Tariff Barriers
NVD
→ No Value Declared
NVOCC
→ Non Vessel Operating Common Carrier |
