Treatment that requires multiple specialists of different disciplines.
Insurance Encyclopedia
Multi-insurers
Marine and transit insurance term used where a single movement of goods involves different insurers in different parts of the transit.
Multi-Line/Multi Year Package
See: Risk Transfer, ART Instruments, Multi-Line Multi-Year Programmes.”
Multi-parent captive
Captive insurance company formed to meet the common needs of a group of independent companies or professional practitioners.
Multi-peril
US term describing a policy covering a range of perils as opposed to one covering a single peril or restricted range of perils. The UK equivalent is comprehensive.
Multi-Peril Crop Insurance
Crop insurance usually providing coverage against crop losses by adverse weather (hail, wind, etc.), fire, flood, insects, plant disease and other perils.
Multi-Peril Insurance
Property Insurance which covers a number of perils, such as Fire, burglary, and earthquake, in a single Policy. Multi-peril policies are not necessarily multiple line policies, since the combined perils may be all within one insurance line.
Multi-Transit Policies for Marine
A Multi transit policy is a single marine open policy providing coverage to multiple transits of the insured. This is done by describing under the “Voyage section” of the policy schedule, all the transits, thus doing away with the need for having multiple open policies. The insured would issue certificates of insurance where needed and submit a monthly consolidated figure of each type of transit.
Multi-trigger/dual trigger programme
Two separate events combine to trigger a payment by the insurer only when the second event occurs. The latter is frequently linked to a metric or index outside the control of the insured in order to avoid moral hazard but correlates closely with the policyholder’s financial interests. For example, a dual trigger policy for a private hospital’s medical malpractice risk pays: (a) if the actual malpractice claims exceed a certain amount only if (b) the hospital’s equity portfolio value falls below a specified level during the same period.
Multi-year contract
Policy that runs for a fixed number of years. At Lloyd’s any ‘non-cancellable’ policy running in excess of 18 months is called ‘multi-year’.