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Maritime lien

Right of a salvor to hold the property that has been saved pending payment of the salvage award. Under the Lloyd’s Form of Salvage Agreement the lien is discharged when the owner of the salved property provides a general average deposit, general average guarantee or some other form of general average security. See IN REM.
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A right enjoyed by a party to a marine adventure whereby he may retain the property of another as security against payment of a debt relating to the adventure.

Maritime perils

Means: ‘perils consequent upon, or incidental to, the navigation of the sea, that is, perils of the sea, fire, war perils, pirates, rovers, thieves, capture, seizure, restraints and detainments of princes and peoples, jettisons, barratry, and any other perils, either of the like kind or which may be designated by the policy’ (Marine Insurance Act 1906).
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The perils consequent on or incidental to, the navigation of the sea, that is to say, perils of the seas, Fire, war, perils, pirates, robbers, thieves, capture, seizure, restrains and detainments of princes and peoples, jettison, barratry and any other perils which are either of the like kind or may be designated by the Policy.

Mark

As used on containers in foreign trade, a symbol or initials shown together with the port of importation and the final destination, if different. Example A.G. y. Cla., Bogotá via Barranquilla. Marks are registered at appropriate customs houses, they also appear on bills of lading and invoices. In domestic trade, it is common to mark containers with the name and address of the recipient, but this is rarely done in foreign trade.

Mark-to-market

An accounting principle that makes it easier to compare the value of assets between companies. When interest rates change, companies are required to ‘mark’ their assets (investments) up or down to reflect the different market conditions.

Market abuse

Behaviour in relation to qualifying investments which, by the ‘regular user test’, is likely to be regarded as abusive, particularly if: the behaviour is considered to be based on information that is not generally available (misuse of information); the behaviour is considered to give a false or misleading impression of the supply, demand, price and value of investments; or the behaviour is likely to distort the market in investments in question. The sanctions are criminal and civil. (Visit www.fsa.gov.uk).

Market agreement

Voluntary agreement among insurers to establish cost saving practices. Insurers enter into claims agreements to avoid expensive arguments about liability or quantum when each insurer insures a party involved in the same accident. The agreements work best when each insurer writes a similar account so that, overall, the net amount that one insurer would owe another under normal legal processes is insignificant compared with the savings gained. See MEMORANDUM OF UNDERSTANDING.
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An agreement between all the underwriters in a certain section of the Lloyd’s market.

Market Agreement (Indian General Insurance market)

Market agreement is a gentlemen’s agreement entered into by the 04 Public Sector Insurers under the guidance and supervision of GIPSA, It has no legal backing as it is not concluded under any law. Likewise the classes and types of Insurance brought under the market Agreement are to be underwritten by all the companies on the same basis with equal seriousness as a tariffed class.

Market area

Specific geographical region where an insurance plan’s chief market potential is located. It may not be the same as its service area, but many times it can overlap.