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Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
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TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

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TERM DEFINITION
Mafi (Ger) German brand name of a roll trailer used for RoRo purposes
Main Deck The main continuous deck of a ship running from fore to aft; the principle deck; the deck from which the freeboard is determined
Main Line Operator (MLO) A carrier employing vessel(s) in the main or principal routes in a trade but not participating within a consortium.
Maintenance Chain A sequence of events in a goods flow which preserves and/or restores the value of a specific good. This may include: Repair.
Major Carrier A for-hire certificated air carrier that has annual operating revenues of $1 billion or more; the carrier usually operates between major population centers.
M&R Maintenance and Repair
Malicious Damage Clause (Ins) A clause published by the Institute of London Underwriters for use in a cargo policy that is subject to the Institute Cargo Clauses (1982) B or C. It adds the risks of malicious acts, vandalism and sabotage to the cargo policy.
Malpractice A carrier giving a customer illegal preference to attract cargo. This can take the form of a money refund (rebate); using lower figures than actual for the assessment of freight charges (undercubing); misdeclaration of the commodity shipped to allow the assessment of a lower tariff rate; waiving published tariff charges for demurrage, CFS handling or equalization; providing specialized equipment to a shipper to the detriment of other shippers, etc.
Mandamus A writ issued by a court; requires that specific things be done.
Manifest Document that lists in detail all the bills of lading issued by a carrier or its agent or master for a specific voyage. A detailed summary of the total cargo of a vessel. Used principally for Customs purposes.
Manning Scales The minimum number of officers and crew members that can be engaged on a ship to be considered as sufficient hands with practical ability to meet every possible eventuality at sea.
Manual Rates (Ins) Usually the published rate for some unit of insurance. An example is the Workers Compensation Manual where the rates shown apply to each $100 of the payroll of the insured, $100 being the unit.
Manufacturers Plate A plate indicating the name and address of the container manufacturer and particulars of the container.
MAR Policy (Ins) A market term for the form of marine policy used by Lloyd's and the London company market. It is a basic contract form to which the conditions agreed by the insurers subscribing a marine insurance contract are attached.
MARAD See "Maritime Administration"
Marginal Cost The cost to produce one additional unit of output; the change in total variable cost resulting from a one-unit change in output.
Marine Cargo Insurance Insurance protection for goods in transit whether moving via ocean, air, rail or truck. Broadly, insurance covering loss of, or damage to, goods at sea. Marine insurance typically compensates the owner of merchandise for losses in excess of those which can be legally recovered from the carrier that are sustained from fire, shipwreck, piracy, and various other causes. Three of the most common types of marine insurance coverage are "free of particular average" (f.p.a.), "with average" (w.a.), and "All Risks Coverage."
Marine Definition In the past, marine underwriters, fire underwriters and casualty underwriters had different ideas about what constituted "marine" insurance. To resolve the resulting confusion, committees were formed to work with state insurance departments in creating a standard definition of marine insurance. A "Joint Committee of Interpretation and Complaint" was formed for the purpose of interpreting this definition as it applied to specific cases, which were submitted from time to time by interested parties. Insurance departments have, in general, adopted the findings of this committee as their own rules.
Marine Extension Clause Cargo policy clause that continues coverage on goods during deviation, delay, re-shipment, and transshipment, or any other variation in normal transit beyond the assured's control.
Marine Insurance Marine Insurance covers goods In Transit, by any mode, sea, air or land. Broadly, insurance covering loss or damage of goods at sea. Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier.
Marine Perils The perils which are insured against in an ocean marine insurance policy.
Marine Surveyor Specialist who determines the nature, extent and cause of loss and/or damage.
Marine Syndicates Groups of companies acting in common to insure certain ocean marine classes. Also, a term used to describe groups which make inspections and surveys and institute standards for the construction of vessels.
Maritime Business pertaining to commerce or navigation transacted upon the sea or in seaports in such matters as the court of admiralty has jurisdiction.
Maritime Administration US governmental agency which oversees subsidy programs to the United States Merchant Marine. Assigns routes to subsidized liners
Market Value Clause (Ins)

A provision that may be used in property damage insurance form covering some risks which obligates the insurance company, in the event of loss, to pay the established cash selling price of the destroyed or damaged stock, rather than the actual case value as provided in the Standard Fire Policy.

Marking Letters, numbers, and other symbols placed on cargo packages to facilitate identification. Also known as marks.
Marlinespike A pointed metal spike, used to separate strands of rope in splicing.
Marks See "Marks & Numbers" or "Shipping Marks"
Marks & Numbers Marks and numbers placed on goods used to identify a shipment or parts of a shipment.
Master The commander of a commercial vessel.
Master AirWay Bill (MAWB) The bill of lading issued by air carriers to their customers.
Master Inbond U.S. Customs' automated program under AMS. It allows for electronic reporting of inbound (foreign) cargoes in the U.S.
Master's Protest Sworn statement by captain describing any unusual happening during the voyage.
Material Breach
- a breach serious enough to destroy the value of the contract and to give a basis for an action for breach of contract -----
- breach of contract - a breach of a legal duty; failure to do something that is required in a contract
Material Fact (Ins) Anything affecting an insurance contract significant enough to change the agreement between the insurance company and the policyholder.
Mate's Receipt An archaic practice. An acknowledgement of cargo receipt signed by a mate of the vessel. The possessor of the mate's receipt is entitled to the bill of lading, in exchange for that receipt.
MAWB See "Master AirWay Bill"
MB Merchant Broker
MBM 1,000 board feet. One MBM equals 2,265 C.M.
MCFS Abbreviation for "Master Container Freight Station." See CFS.
MCO See "Miscellaneous Charge Order"
MDO Marine Diesel Oil
Measurement Cargo Freight on which transportation charges are calculated on the basis of volume measurement.
Measurement Ton 40 cubic feet - used in water transportation ratemaking.
Mechanic's Lien The legal enforceable claim which a person who has performed work or provided materials is permitted to make against title to the property or as a preferential person in the event the estate or business is liquidated.
Mechanical Derangement (Ins) DISCUSSION:
   Mechanical and/or Electrical derangement is an insurance industry term to describe malfunction, or non-function, of an appliance for reasons other than obvious external damage.
From time to time, an electronic or mechanically operated item will prove to be inoperable upon arriving at its destination.
   Unless there are clear signs of damage to the item or its shipping container, however, the standard policy will not cover this loss. That is because the insurer has no way of knowing if the equipment worked when the policy was first placed.
   This situation appears most frequently with computer equipment, stereo systems or other devices where intricate components or circuitry are affected by the constant motion of an international shipment.
   Purchasing "Mechanical Derangement" coverage extends standard policy wordings to include those items without visible damage, assuming they have been properly packed. It is often mandatory to provide independent proof that covered item(s) were working at time transit begins.
DEFINITION:
  
Failure of equipment to perform, such as a computer or other electronic equipment, upon delivery despite no outward sign of damage to the item(s) or packaging.
Mechanical Derangement Exclusion (Ins) Typical Mechanical Derangement Clauses: "Excluding loss or damage due to mechanical, electrical or electronic breakdown or derangement unless caused by a peril insured against under the terms of this policy and there is evidence of an external damage."
Mechanically Ventilated Container A container fitted with a means of forced air ventilation.
Memorandum Bill of Lading (Memo Bill) An in-house bill of lading. A duplicate copy.
Memorandum Freight Bill See Multiple Containerload Shipment.
Merchant Haulage Inland transport of cargo in shipping containers arranged by the Merchant.
It includes empty container-moves to and from hand-over points in respect of containers released by the Carrier to Merchants.
Merchant Inspired Carrier Haulage Carrier haulage by a carrier, which is nominated by the shipper or receiver of the goods, but paid by the carrier. Inland transport of cargo in containers arranged by the Merchant.  It includes empty container-moves to and from hand-over points in respect of containers released by the Carrier to Merchants.  Note: Carrier's responsibility under the Bill of Lading does not include the inland transport stretch under Merchant Haulage.
Meter 39.37 inches (approximately).
Metric Ton 2,204.6 pounds or 1,000 kilograms.
MHW Mean High Water
MIB Marine Index Bureau
MICH See "Merchant Inspired Carrier Haulage"
Microbridge A cargo movement in which the water carrier provides a through service between an inland point and the port of load/discharge. The carrier is responsible for cargo and costs from origin on to destination. Also known as IPI or Through Service.
Midship Section of ship equidistant from bow, stern and sides.
Mile A unit equal to 5,280 feet  on land.  A nautical mile is 6076.115.
Mileage Allowance An allowance, based upon distance, that railroads give to shippers using private railcars.

Mileage Proration

Proration on the basis of the applicable local mileage (aircargo).
Mileage Rate A rate based upon the number of miles the commodity is shipped.
MIN/MAX Minimum/Maximum (cargo quantity)
Mini Landbridge (MLB) An intermodal system for transporting containers by ocean and then by rail or motor to a port previously served as an all-water move (e.g., Hong Kong to New York over Seattle).
Minimum Bill of Lading A clause in a Bill of lading which specifies the least charge that the carrier will make for issuing a lading. The charge may be a definite sum or the current charge per ton for any specified quantity.
Minimum Charge The lowest charge that can be assessed to transport a shipment.
Minimum Premium (Ins) The smallest premium which an insurance company will accept for writing a particular policy or bond for a designated period.
Minimum Weight The shipment weight the carrier's tariff specifies as the minimum weight required to use the TL or CL rate; the rate discount volume.
Miscellaneous Charge Order (MCO) A document issued by a carrier or his agent requesting the issue of an appropriate passenger ticket and baggage check or revision of services to the person named in such document
Misrepresentation (Ins) An incorrect statement made about a material fact that, if made deliberately and with intent to deceive, could cause the insurance contract to become null and void.
Mitigate (Ins) To make less severe; steps to eliminate further damage after a loss occurs.
Mixed Consignment A consignment of different commodities, articles or goods, packed or tied together or contained in separate packages (aircargo).
Mixed Container Load A containerload of different articles in a single consignment.
Mixed Shipment A shipment consisting of more than one commodity, articles described under more than one class or commodity rate item in a tariff.
MLB Abbreviation for "Mini Landbridge."
MLO See "Main Line Operator"
MLW Mean Low Water
M.M.F.B. Middlewest Motor Freight Bureau.
MOA Memorandum Of Agreement
Mode of Transport Method of transport used for the conveyance of goods, (e.g. by rail, by road, by sea).
MOLCHOPT More or Less Charterers Option
MOLOO More or Less Owners Option
Modified Atmosphere A blend of gases tailored to replace the normal atmosphere within a container.
Mooring Arrangement or location for securing ship to buoy or pier.
Mooring Line A cable or line to tie up a ship
MorF Male or Female
MOSS Member Of Same Sex
Motor Truck Cargo Owner's Form (Ins) This form insures the owner of a truck against loss to his own property while being transported. It pays for the loss or damage of cargo for the perils insured against, regardless of the legal liability.
Motor Truck Cargo Trucker's Form (Ins) This form indemnifies the policyholder, a trucker, for loss or damage resulting from his legal liability as a carrier while transporting the property of others. I does not insure against any loss for which he is not legally liable.
MOTOS Member Of The Opposite Sex
MPC See "Multi-Purpose Vessel"
MRO Items Maintenance, repair, and operating items--office supplies, for example.
MSC Maritime Safety Committee, a major committee within the International Maritime Organization
MT Abbreviation for "Metric Ton."
MTF More To Follow
MTO Carrier See "Multi Transport Operator/Carrier"
Multimodal Synonymous for all practical purposes with "Intermodal."
Multimodal Bill of Lading Bill of lading covering shipment of goods by more than one means of transportation but including an ocean leg. The two major forms of multimodal bill of lading are the combined transport bill of lading and the through bill of lading. Under the former, the carrier signing the bill of lading (the "contractual carrier") frequently subcontracts the various legs to other carriers (the "actual carriers"), but still takes responsibility for delivery of the goods to the "place of delivery" and for any damage that might occur during carriage. Under the latter, the carrier takes responsibility for the goods only up to a specified point (still called the "place of delivery") and then passes responsibility to a second carrier for "on-carriage" to the "final destination."
Multimodal Transport Shipment of goods by more than one means of transportation but including an ocean leg.
Multimodal Transport Operator/Carrier (MTO) The person on whose behalf the transport document or any document evidencing a contract of multimodal carriage of goods is issued and who is responsible for the carriage of goods pursuant to the contract of carriage.
Multiple Car Rate A railroad rate that is lower for shipping more than one carload at a time.
Multipurpose Vessel Any ship capable of carrying different types of cargo which require different methods of handling. There are several types of ships falling into this category, for example, ships which can carry roll on/roll off cargo together with containers
MultiTank Container A container frame fitted to accommodate two or more separate tanks for liquids.
M/V Motor vessel
Mysterious Disappearance (Ins) This form indemnifies the policyholder, a trucker, for loss or damage resulting from his legal liability as a carrier while transporting the property of others. I does not insure against any loss for which he is not legally liable.
   
 
DISCLAIMER:   These terms and definitions have been gathered from many sources public and private. This list is designed to serve as a reference. No warranty for the accuracy is stated nor implied.

HOME

Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms and Abbreviations
To jump to a section, click the letter. (Opens in new browser window)
Some letters have several hundred entries and may take some time to download
TERM COLORS: Black = Transport - -  Blue = Insurance - - Green = Chat/Email

Chat - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

5 Steps + 2 Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O - Warehouse - Business Insurance --

-- We have Logistics AllCovered --

These terms, abbreviations and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied.

 

Last Updated:
Monday, 08 June 2009 14:28:59 -0400

 


 

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Ocean Marine Division; Allen Insurance Group
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