| Malicious Damage |
The ICC(1982) B & C specifically exclude deliberate damage to or deliberate destruction of the subject matter insured or any part thereof by the wrongful act of any person or persons. A similar exclusion appears in trade clauses based on either of these sets of the ICC(1982). However, by agreement with the insurer the exclusion may be deleted from the ICC, or any of the sets of trade clauses to which it applies, and the Institute Malicious Damage Clause be incorporated in the policy. This clause (CI.266 1/8/82) is published by the ILU for use only with the MAR form of policy. In consideration of payment of an additional premium the insurer agrees to delete the ‘deliberate damage’ exclusion and, subject to the policy exclusions, to cover loss of or damage to the subject matter insured caused by malicious acts, vandalism or sabotage. |
| Manifest |
The document which contains all details of the cargo on board the ship. It is more reliable than a bill of lading because bills of lading may be issued when the cargo is delivered for loading, but the manifest is not completed until the cargo is loaded. The manifest must be accurate because it is the official document for Consular and Customs Authorities. |
| MAR Policy Form |
With the abrogation of the marine S.G. policy for cargo insurance contracts, in January 1982, Lloyd’s market replaced it with a new policy form, called the MAR policy. At the same the Institute of London Underwriters published its own equivalent policy form, called the Marine policy. Although there are some variations between the two forms, to obtain uniformity, practitioners refer to either form as the ‘Mar policy’. |
| Marks |
Identification marks on a crate, box, parcel or similar. The term is used, also, to indicate the loadline markings on the side of a ship. |
| Master |
Captain of a merchant ship. The master is responsible to the owners for his vessel. The title “Captain” is purely a courtesy title. |
| Measure of Indemnity |
The extent of the liability of the insurer for loss. This is based on the loss suffered by the assured, but is always subject to limits agreed in the policy. |
