Mortgagees Interest Insurance (MII)
Please note: The information is a general description. For full conditions, premiums, subjects, and warranties, please contact your team Underwriter.
Mortgagees Interest Insurance (MII) and Mortgagees Interest Additional Perils Pollution Insurance
These insurances will protect a bank or lender’s mortgage if the insurance of the borrower or shipowner does not respond.
Who can be covered?
Bank and Lenders
Limits
Maximum limit USD 100 million per accident or occurences
Deductibles
None
Important exclusions
- Claims covered under H&M, Hull Interest, Freight Interest, War and P&I insurance.
- Legal costs.
- Insolvency of H&M, Hull Interest, Freight Interest, War and P&I insurer.
Innocent Owners Interest (IOI)Insurance
This insurance will protect an owner of a vessel that has been chartered out in a bareboat agreement. If the bareboat charterer’s Hull and/or Increased Value cover would not respond, this insurance will offer protection to the owner of the vessel.
IOI insurance pays the owner of a vessel up to the insured value, subject to the policy limits in the event that the bareboat charterer’s H&M, Hull Interest, Freight Interest or War insurers deny cover due to breach of warranty.
Who can be covered?
- Shipowners
- Mortgagees
Limits
Maximum limit USD 100 million per accident or occurrence
Deductibles
None
Important exclusions
- Claims covered under H&M, Hull Interest, Freight Interest, War and P&I insurance
- Legal costs
- Insolvency of H&M, Hull Interest, Freight Interest, War and P&I insurer