A term that refers to a retail or wholesale risk as opposed to a manufacturing or service risk.
Tag: RAW
Mercantile Robbery Insurance
Coverage that a mercantile establishment would purchase to cover against loss by robbery, which is defined as the taking of property by violence or threat of violence, and includes holdup.
Merchant Shipping (Salvage and Pollution) Act 1994
Extends strict liability for oil pollution damage to all ships carrying persistent oil whether as fuel or cargo. In the event of discharge or release the shipowner is strictly liable for: damage outside the ship by contamination; the cost of preventative measures; and damage caused by the preventative measures. The right of shipowners to limit their liability is not affected. The Act recommends liability insurance but, unlike CLC, does not make it compulsory.
Merchant Shipping Act 1995
A consolidating Act dealing with, inter alia, liability for oil pollution, compulsory insurance, the International Oil Pollution Compensation Fund and the liability of shipowners and others. The Act embodies the 1976 Convention on the Limitation of Liability for Maritime Claims. It also enables the government to act when a shipping casualty threatens large scale oil pollution in UK waters. Government-caused damage to vessels is covered under the International Hull Clauses.
Merchant Shipping and Maritime Security Act 1997
Section 16 adds to s.192 of the Merchant Shipping Act 1995 a provision enabling the Secretary of State to regulate compulsory third party liability insurance for all British merchant ships and foreign ships visiting British ports.
Merger
(1) The absorption of one company by another. (2) The principle that when a partial loss under an insurance policy is followed by a total loss the insurers are not required to pay for the partial loss in addition to the total loss.
Merit rating
A form of auto rating in which an insured’s past experience as well as anticipated experience is taken into account when arriving at a rate.
***
A rating plan most often used in personal automobile insurance. Under this plan, the insured’s premium amount is dictated by the insured’s loss record.
***
Rating system, used in several forms of Insurance but most commonly in automobile Insurance, under which an insured’s premium varies depending on each insured’s loss record. Usually similar to individual rating.
Mesothelioma
Malignant industrial disease caused by asbestos exposure. Tumours erupt from the mesothelial cells in the linings of the lungs. It is a terminal condition and life expectancy, once the condition has been diagnosed, averages 12 to 18 months. The long-tail from exposure to diagnosis is between 20 and 50 years.
Messenger (Criminal)
A term usually used in commercial crime insurance. The person who has possession of the insured’s property in any location other than the insured’s land. This may be the insured, their employees, or their partner.
Messenger model
Agent or third party that conveys to purchasers information obtained individually from providers in the network about the prices the network participants are willing to accept and conveying to providers any contract offers made by purchasers. Each provider then makes an independent, unilateral decision to accept or reject each contract offer.