As per Section 4 of the Marine Insurance Act a contract of marine Insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage.
Tag: RAW
Mixed syndicate
A syndicate which is made up of Names and/or MAPAs and corporate members.
Mixed syndicates
Lloyd’s syndicates made up of both corporate and individual members. Generally spread vehicles write on these syndicates alongside names. See PARALLEL SYNDICATES.
Mixed Time and Voyage Policy
A Policy combining voyage and time. An import can be covered under a Policy during transit and also for a specific length of time, say 30 days, after arrival at importer’s place.
MMZ However, Section 51 provides excuse for delay as follows
(01) Delay in prosecuting the voyage contemplated by the Policy is excused (i) Where authorized by any special term in the Policy, or (ii) Where caused by circumstances beyond the control of the master and his employer, or (ii) Were reasonably necessary in order to comply with an express or implied warranty, or subject-matter insured, or (v) Where reasonably necessary for the purpose of obtaining medical or surgical aid for any person on board the ship, or (vi) Where caused by the barratrous conduct of the master or crew, if barratry be one of the perils insured against, (02) When the cause excusing the delay ceased to operate, the ship must resume her course, and prosecute her voyage with reasonable despatch.
MMZ The present members of IACS are
i. American Bureau of Shipping (ABS), ii. Bureau Veritas (BV), iii. China Classification Society (CCS), iv. Croation Register of Shipping (CRS), v. Det Norske Veritas (DNV), vi. Germanischer Lloyd (GL), vii. Indian Register of Shipping (IRS), viii. Korean Register of Shipping (KR), ix. Lloyd’s Register (LR), x. Nippon Kaiji Kyokai (NK/ClassNK), xi. Polish Register of Shipping (PRS), xii. Registro Italiano Navale (RINA), xiii. Russian Maritime Register of Shipping (RS)
Mobile agricultural machinery and equipment coverage form (Property Insurance)
Coverage under a commercial property form for farm machinery and equipment.
Mobile equipment
Included for coverage under the commercial general liability form, this term relates to land vehicles used in ways that take them out of an explicit automobile liability exposure (e.g., vehicles used only on the insured premises, to carry certain permanently attached equipment, that are not required to be registered, or are designed for solely for off-road use).
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Term defined in general liability policies as land vehicles, including machinery and apparatus attached thereto, whether or not self-propelled, and not (i) subject to motor vehicle registration, or (ii) used exclusively on the insured’s premises, or (iii) designed principally for use of public roads, or (iv) designed or maintained for the sole purpose of providing mobility for permanently attached equipment such as cranes, loaders, pumps generators or welding equipment.
Mobile equipment (Liability Insurance)
A term refering to land vehicles that meet certain criteria: They must not be registered as a motor vehicle, they must be intended for use primarily in locations other than the public road, they must be land vehicles, and they must be mostly used on the insured’s property.
Mobile facility
Transportable independent diagnostic testing clinic with medical equipment provided in a vehicle for service to multiple locations (e.g, portable x-rays, portable mammograms). Also called portable unit .