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Mar-91

Policy form used in the London market to which the standard Institute Clauses must be attached. The form sets out the agreement to insure in simple terms leaving cover to be defined by the standard clauses.

Margin of solvency

UK,REFERENCE: See: solvency margin.
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UK: Surplus of insurer’s realisable assets over its liabilities. General insurers and long-term insurers must demonstrate a required minimum margin of solvency (RMM). For a general insurer this is the higher of two results, one based on annual premiums (the premium basis), the other based on the average of three years’ claims (the claims basis). Also an insurer must ensure that the margin does not fall below the guarantee fund. One-third of the required margin of solvency constitutes the minimum guarantee fund (MGF). The MGF for a general insurer varies according to the class of business up to €3 million for motor, aviation, general, credit and suretyship (less for mutuals). RMM also varies, according to class, for long-term business. For life business this is €3 million for proprietary companies (less for mutuals). See ASSET RULES; DETERMINATION OF LIABILITY RULES; MINIMUM GUARANTEE FUND.
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The total assets of an insurance company must exceed its liabilities (other than share capital) by a relevant amount, known as the margin of solvency.

Marijuana

Any Cannabis sativa plant with more than 0.3 percent of THC. Under some U.S. laws refers to the viable seeds, leaves and flowers of the cannabis plant. Marijuana is often used as a generic name for any parts of the cannabis plant.

Marine

Of navigation on, or shipping by sea. Pertaining to the sea or to transportation; usually divided as to “ocean marine” and “inland marine,” the insurance covering transportation risks.

Marine Adventure

Marine adventure includes any adventures where (i) any insurable property is exposed to maritime perils (ii) the earnings or acquisition of any freight, passage money, commission, profit or other pecuniary benefit. or the security for any advances, loans or disbursements is endangered by the exposures of insurable property to maritime perils, and (iii) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property by reason maritime perils.

Marine and Aviation Insurance

(War Risks) Act 1952 Empowers the UK government to reinsure British ships and aircraft against war risks and, when in the UK, cargo, foreign ships and aircraft. In the absence of an alternative, the government can also provide primary war risk insurance if the UK is at war. This is important as war risks cover in the commercial markets is subject to cancellation at short notice at time of war or terrorism. The government used its powers during the Gulf war and again following ‘September 11’. It formed a company, Troika, to provide war and terrorism cover for airlines and service providers pending the return of commercial reinsurers to the war risks market.