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
