Complete Glossary of
Marine Terms & Abbreviations
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Machinery Damage Additional Deductible Clause
An Institute clause available for use in a policy covering hull & machinery that provides for an additional deductible to be applied to claims for damage to machinery which is attributable to negligence of master, officers or crew.
Made Good
The sums paid to a general average fund to make good losses incurred by the general average act.
Malicious Damage Clause
A clause published by the Institute of London Underwriters for use in a cargo policy that is subject to the Institute Cargo Clauses (B) or (C) 1982. It adds the risks of malicious acts, vandalism and sabotage to the cargo policy.
Manifest
A document containing the passenger list and details of all stores and cargo on board the vessel.
Mar Policy Form
A simplified form of marine insurance policy that was introduced in the Lloyd's insurance market to replace the SG policy form. A similar form of policy was introduced by the Institute of London Underwriters, for use by member companies, at the same time.
The new policy form was introduced in 1982 for cargo insurance and in 1983 for hull insurances.
MAREN Policy Form
A policy form used in the London marine insurance market to evidence a renewed long term contract where there are no security or other substantial changes from the conditions in the expiring contract.
Marine Extension Clause
Cargo policy clause that continues coverage on goods during deviation, delay, re-shipment, and transshipment, or any other variation in normal transit beyond the insured’s control.
Marine Surveyor
Specialist who determines the nature, extent and cause of loss and/or damage.
Maritime Lien
The claim a master and crew have on the vessel for the payment of wages due.
The terms may he applied, also, to the rights of a salvor in regard to property that is subject to a salvage award; also, to the rights of a carrier in regard to cargo that is liable for a general average contribution.
Market Capacity
The maximum amount an insurance market can absorb as liability to its policy holders while maintaining a proper solvency margin.
Marks
A term used in shipping practice to refer to the loadline marks on the ship's hull.
The term may be used also in regard to a bill of lading which shows the identification and destination markings on packages shipped.
MARPOL
Marine pollution
Master Air Waybill
An air waybill issued by the originating airline when more than one airline is involved with a shipment, or when a freight forwarder issues a house air waybill.
Master’s Protest
Sworn statement by the captain describing any unusual happening during the voyage.
Mate's Receipt
A receipt signed by the mate to say the cargo has been received on board, in good order and condition (otherwise 'claused').
Material Circumstance
Any circumstances which would influence the judgement of a prudent underwriter in determining whether to accept a risk and the amount of premium to charge.
Material Representation
A statement made to the underwriter before acceptance of risk which is material to the decision in accepting and rating the risk.
Measurement Ton - 1 cubic metre
One of the alternative bases of Freight Tariff
Mechanical Derangement
Certain types of light machinery, electrical equipment and similar are often subject to “not working” after arrival at destination, although they have not suffered from an insured peril. This is due to mechanical derangement and, to prevent misunderstandings, it is usual for the insurer specifically to exclude mechanical derangement from the policy.
Minimising A Loss
It is the duty of the assured to act all the time as though uninsured and to take all reasonable measures to minimise or avert a loss, even though the loss may be recoverable under his policy of marine insurance. If the assured or his servants take any such measures to preserve the property from an insured peril the expense, if any, is recoverable from the insurer under the suing and labouring clause.
Any expenses incurred by way of salvage or general average contributions are recoverable in a like manner. All such recoveries are subject to proportionate reduction if the property is not insured for its full value. Except where the policy provides otherwise it is customary for the insurers to pay the expense of minimising or preventing an insured loss without applying the policy deductible or franchise, if any. However, in hull practice the policy deductible is applied to all partial loss claims including expenses incurred to minimise or prevent an insured loss.
Missing Ship
A ship is deemed to be "missing" in the London market when, following extensive inquiries, she is officially posted as "missing" at Lloyd's. She is then considered to be an 'actual total loss" and policy claims for both hull and cargo are settled on that basis.
MT
Empty - an empty container or Multimodal Transport
Multimodal Transport
The UNCTAD preferred term for what some shipping companies call Combined Transport
M. & W.
Marine and war risks
M.A.
Malicious damage
M.A.S.
Maximum amount subject
M.B.D.
Machinery breakdown
M.F.L.
Maximum forseeable loss
M.I.A.
Marine Insurance Act
M.L.E.
Maximum loss expectancy
M.R.
Master of the Rolls