MRC
Definition
Market Reform Contract: the London placing document that replaced older slip formats. It names the insured, period, interest, territory, limits, deductibles, and the security. Fields that say 'as attached' still need the attachment in the pack.
Practical Example
An MRC for ACME Construction Ltd (acme.example) with occurrence limit USD 10,000,000 on page 2 and TIV 'as per SOV'.
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Related Terms
The placing document that states insured, period, interest, limits, and other terms offered to the market. In London this may be an MRC.
The working file for a facultative placement: slip or MRC, SOV, loss history, wording excerpts, source spans, and a chase list.
The document that confirms a facultative placement: insured, period, limits, share, and conditions. The slip is the placing instrument; the certificate is the evidence of cover.