Homeowners Insurance Glossary
MPIC.
Multiple Peril Insurance Conference. (PR)
Machinery Breakdown Insurance.
See Boiler and Machinery Insurance. (PR)
Manufacturers Output Policy.
A policy covering the personal property of a manufacturer on an all-risk basis. Coverage is usually restricted to property away from the premises. Its original use was for manufacturers who send some of their products out to be processed by other companies. (PR)
Manufacturer's Selling Price Clause.
Values unsold finished goods at the price at which they could have been sold at the time of a loss. (PR)
Manufacturing Location.
A location, which manufactures products for delivery to the insured's customers under a sales contract. One of the four types of dependent properties for which Business Income coverage may be written. (PR)
Map.
A Property Insurance underwriter to locate the area and character of a risk, especially in a large city, uses a geographical map. Maps may also be used to keep track of the number of insured's in a particular area so that an insurer does not subject itself to a possible catastrophic loss. (PR)
Map Clerk.
A junior underwriter who enters such essential data as policy numbers, amounts of coverage, and property covered on maps to enable an insurer to determine its liability or exposure in a given area. (PR)
Market Value Clause.
A provision that may be used in certain Property Insurance forms which obligates an insurer to pay the established market price of destroyed or damaged stock rather than its cost to the insured, as is usually provided in the Standard Fire policy. This coverage is only available to manufacturers with finished products, not to wholesa | 
