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- M - |
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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. |
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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. |
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M&R |
Maintenance and Repair |
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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. |
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Mandamus |
A writ issued by a court; requires that specific things be
done. |
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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. |
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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. |
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MARAD |
See "Maritime Administration" |
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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. |
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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. |
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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. |
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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
|
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Material Fact (Ins) |
Anything
affecting an insurance contract significant enough to change the agreement
between the insurance company and the policyholder. |
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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" |
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MB |
Merchant Broker |
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MBM |
1,000 board feet. One MBM equals 2,265 C.M. |
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MCFS |
Abbreviation for "Master Container Freight Station." See CFS. |
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MCO |
See
"Miscellaneous Charge Order" |
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MDO |
Marine Diesel Oil |
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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. |
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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. |
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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. |
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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. |
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Meter |
39.37 inches (approximately). |
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Metric Ton |
2,204.6 pounds or 1,000 kilograms. |
| MHW |
Mean High Water |
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MIB |
Marine Index Bureau |
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MICH |
See "Merchant Inspired Carrier Haulage" |
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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. |
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Mile |
A unit equal to 5,280 feet on land. A nautical mile is
6076.115. |
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Mileage Allowance |
An
allowance, based upon distance, that railroads give to shippers using
private railcars. |
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Mileage Proration |
Proration
on the basis of the applicable local mileage (aircargo). |
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Mileage Rate |
A rate
based upon the number of miles the commodity is shipped. |
| MIN/MAX |
Minimum/Maximum (cargo quantity) |
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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). |
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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. |
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Minimum Charge |
The lowest charge that can be assessed to transport a
shipment. |
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Minimum Premium (Ins) |
The
smallest premium which an insurance company will accept for writing a
particular policy or bond for a designated period. |
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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. |
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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 |
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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. |
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Mitigate (Ins) |
To make
less severe; steps to eliminate further damage after a loss occurs. |
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Mixed Consignment |
A
consignment of different commodities, articles or goods, packed or tied
together or contained in separate packages (aircargo). |
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Mixed Container Load |
A containerload of different articles in a single consignment. |
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Mixed Shipment |
A shipment consisting of
more than one commodity, articles described under more than one class or
commodity rate item in a tariff. |
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MLB |
Abbreviation for "Mini Landbridge." |
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MLO |
See "Main Line Operator" |
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MLW |
Mean Low Water |
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M.M.F.B. |
Middlewest Motor Freight Bureau. |
| MOA |
Memorandum Of Agreement |
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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 |
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Modified Atmosphere |
A blend of gases tailored to replace the normal atmosphere
within a container. |
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Mooring |
Arrangement or location for securing ship to buoy or pier. |
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Mooring Line |
A cable or line to tie up a
ship |
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MorF |
Male or Female |
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MOSS |
Member Of Same Sex |
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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. |
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MOTOS |
Member Of The Opposite Sex |
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MPC |
See "Multi-Purpose Vessel" |
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MRO Items |
Maintenance,
repair, and operating items--office supplies, for example. |
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MSC |
Maritime Safety Committee, a
major committee within the International Maritime Organization |
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MT |
Abbreviation for "Metric Ton." |
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MTF |
More To Follow |
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MTO Carrier |
See "Multi Transport Operator/Carrier" |
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Multimodal |
Synonymous for all practical purposes with "Intermodal." |
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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." |
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Multimodal Transport |
Shipment of goods by
more than one means of transportation but including an ocean leg. |
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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 |
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MultiTank Container |
A container frame fitted to accommodate two or more separate
tanks for liquids. |
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M/V |
Motor vessel |
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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. |
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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. |
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Last Updated:
Monday, 08 June 2009 13:28:59 -0500 |
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